Markets

Sector Update: Health Care

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Healthcare stocks were higher this afternoon with the NYSE Healthcare Sector Index gaining about 0.6% and shares of healthcare companies in the S&P 500 also adding 0.6% as a group.

In company news, Foamix Pharmaceuticals (FOMX) jumped as much as 83% during its first day as a public company and the maker of dermatological foams today pricing its initial public offering of 6.7 million shares at $6 apiece.

The company also issued 30-day options to its underwriters to buy up to 1.005 million shares to cover possible overallotments.

FOMX shares spiked to a session high of $11.00 a share soon after beginning trading this morning and more recently were up more than 8% at $6.49 a share.

In other sector news,

(+) PRQR, Prices upsized initial public offering of 7.5 mln shares at $13 each, the high end of its expected range. The company added an additional 1.2 mln shares to the deal just before the pricing.

(-) ECTE, Platinum Management LLC seeks return of its $5 mln investment in the company in December 2012, saying ECTE negotiated the stock sale in bad faith and with no plan of keeping up with its obligations. Platinum owns 30% of ECTE stock.

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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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