Top Health Care Stocks
Health care stocks retreated today, including a nearly 0.5% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down almost 0.8% as a group while the Nasdaq Biotechnology index was slipping just over 1.7%.
Among health care stocks moving on news:
(-) PhaseBio Pharmaceuticals ( PHAS ) was floundering late in Wednesday trading, sinking almost 14%, despite analysts at Needham & Co initiated coverage of the early-stage biopharmaceutical company with a Buy stock rating and an $18 price target. PhaseBio completed its initial public offering of stock on Oct. 18, pricing 46 million shares of its common stock at $5 apiece, generating $230 million compared with its prior plans to sell 5 million shares at between $12 to $14 each. Needham was one of the underwriters for the company's IPO.
In other sector news:
(+) LogicBio Therapeutics ( LOGC ) was hanging on to a nearly 1% gain Wednesday afternoon, easing from a 7% mid-morning gain that followed Barclays beginning analyst coverage of the genome editing company with an Overweight investment recommendation and a $24 price target. In a new research note, the Barclay analysts cited the company's nuclease-free and GeneRide technology, saying they have some unique advantages compared with other gene therapy and gene editing technologies, including potentially safer, more specific and permanent gene integration.
(-) PetIQ ( PETQ ) shares sank more than 5% despite the pet prescription company late Tuesday said its adjusted Q3 profit and sales more than doubled over year-ago levels. Excluding one-time items, PetIQ earned $8.17 million during the July-to-September period compared with $3.93 million during the same quarter last year. The company did not provide per share earnings figures, but based on its 20.4 million shares outstanding, the company produced a $0.40 per share adjusted profit, up from about $0.20 per share last year and crushing the Capital IQ consensus by $0.31 per share. Net sales surged 117% year over year to $131.4 million, beating the consensus on Capital IQ for $125.2 million. PetIQ also raised its forecast for FY18 sales by $15 to $215 million. The Street is expecting $203 million in quarterly sales during the 12 months ending Dec. 31.
(-) Canopy Growth (CGC,WEED.TO) has dropped more than 14% in recent trading after the medical and recreational marijuana seller reported a huge fiscal Q2 net loss despite a more than 32% sales increase over the same quarter last year. Net loss for the three months ended Sept 30 was CND1.52 per share compared with a CND0.01 per share loss during the year-ago period, while net sales rose to CND23.3 million from CND17.6 million last year. Analysts had been expecting a CND0.15 per share net loss on CND23.3 million in sales.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.