Top Health Care Stocks
Health care stocks still were extending their Wednesday advance, with the NYSE Health Care Index gaining almost 1.0% in afternoon trade while the shares of health care companies in the S&P 500 also were up more than 0.9% as a group. The Nasdaq Biotechnology index was ahead over 0.9%.
Among health care stocks moving on news:
(-) Theravance Biopharma (TBPH) slid 1.5% after the organ-selective medicines company late Tuesday filed a preliminary prospectus to sell up to $150 million of its equity or debt securities from time to time. The shelf registration statement covers ordinary shares and warrants to buy additional shares along with purchase contracts and purchase units and debt securities that may be sold by the company or existing shareholders.
In other sector news:
(+) Kodiak Sciences (KOD) rose 42% after the specialty drugmaker late Tuesday priced a $276 million public offering of 6 million common shares at $46.00 apiece, or about 6.5% under its most recent closing price.
(+) HealthEquity (HQY) climbed almost 4% after the health care benefits management company reported better-than-expected Q3 financial results, reporting non-GAAP earnings of $0.47 per share during the three months ended Oct. 31 on $157.1 million in revenue, topping the Capital IQ consensus looking for a $0.23 per share non-GAAP profit on $152.4 million in revenue.
(-) Arrowhead Pharmaceuticals (ARWR) fell 3% after pricing a $232 million public offering of 4 million common shares at $58 each, representing a 15.5% discount to Tuesday's closing price. Net proceeds will be used for general working capital, potential acquisitions and other strategic purposes, the company said.
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