Sector Update: Health Care
Healthcare stocks were lower Friday afternoon with the NYSE Healthcare Sector Index down about 0.3% and shares of healthcare companies in the S&P 500 falling 0.7% as a group.
In company news, ReWalk Robotics (RWLK) raced to an outsized first-day gain despite the Israeli medical device-maker today pricing a downsized initial public offering of 3 million shares - down from its original plans to sell 3.4 mln shares - at $12 each, or $2 under its planned price range of $14 to $16 a share.
The company produces and sells robotic-enhanced exoskeletons helping mobility-impaired people the ability to walk again. The devices use patented tilt- and motion-sensors linked to an onboard computer driving motorized legs.
Sales so far have been extremely limited, with RWLK selling just 18 of its devices in 2012, rising last year to 17 of its ReWalk Rehabilitation units and eight ReWalk Personal units, according to its final prospectus. It sold another six of the two models during the first three months of 2014, down from a combined nine units during the same quarter last year.
RWLK shares were ahead over 95% at $23.41 each shortly before the closing bell, earlier advancing to a session high of $22.80 a share. Almost 8 million shares had changed hands with less than one hour left in today's trade.
In other sector news,
(+) NLNK, Initiated with Buy rating at Mizuho.
(-) AMRN, FDA denies appeal of the agency's recission of a special protocol assessment in a clinical trial intended to expand the approved uses of the company's prescription fish-oil pill.
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