Markets

Health Care Sector Update for 10/06/2015: MGLN,WGBS,EXAS

Top Health Care Stocks

JNJ -1.39%

PZE -2.03%

MRK -3.53%

ABT -2.73%

AMGN -1.52%

Health care stocks were paring some of their steepest decline this afternoon, with the NYSE Health Care Index retreating almost 1.8% while shares of health care companies in the S&P 500 were down nearly 2.2% as a group.

In company news, Magellan Health ( MGLN ) declined to a 17-month low on Tuesday after the health care management company said proposed changes in Medicaid reimbursement rates by state regulators in Florida will likely reduce the blended rates it will receive over the 12 months ending Aug. 31, 2016, by 3% compared with year-ago levels.

The payment reductions were significantly less than the company had expected, Magellan explained in a regulatory filing last night, trimming revenue for the final four months of 2015 by between $5 million to $10 million.

MGLN shares were down almost 10% at $51.90 apiece, earlier sinking to its lowest price since May 2014 at $51.61 a share.

In other sector news,

(+) WGBS, Announces commercial launch and presentation of data from its ICELL8 Single-Cell System at the American Society of Human Genetics annual meeting.

(-) EXAS, U.S. Preventive Services Task Force issues draft recommendation for colon cancer screenings that doesn't include the company's Cologuard stool-based DNA screening test.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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