Top Health Care Stocks
Health care stocks fell Thursday, with the NYSE Health Care Index declining 0.3% while the shares of health care companies in the S&P 500 also were down 0.2% as a group. The Nasdaq Biotechnology index was sinking nearly 0.6%.
Among health care stocks moving on news:
(-) XBiotech (XBIT) tumbled 24% after the immuno-therapy company Thursday said it will spend $420 million to buy back 14 million of its common shares at $30 apiece through a "modified Dutch auction" tender offering. Overall, investors tendered nearly 41.2 million shares at or below the maximum $33 per share, with the company repurchasing about 31.9% of the tendered shares, after giving effect to odd lots.
In other sector news:
(+) Alpha Pro Tech (APT) climbed 10% after the company said it has booked more than $10.4 million in orders for its N-95 particulate respirator face mask since Jan. 27 in response to rising customer demand resulting from the coronavirus outbreak. The company said it was expecting to fill about 30% of the new orders during the current quarter ending in March and expects to recognize additional revenue growth as more orders are filled.
(+) West Pharmaceutical Services (WST) was ahead 7.4% after the drug delivery systems company reported an increase in non-GAAP net income to $0.82 per share from $0.73 per share last year and beating the Capital IQ consensus by $0.10 per share. Net sales rose 11.4% year-over-year to $470.6 million, exceeding Wall Street expectations.
(-) Avrobio (AVRO) declined 15.5% after the genetic therapy company priced a $100 million public offering of 4.35 million shares at $23 apiece, representing a 14.5% discount to Wednesday's closing price. Net proceeds will fund ongoing development of its prospective treatments for Fabry disease and cystinosis as well as Gaucher disease and Pompe disease.
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