Top Healthcare Stocks
Healthcare stocks were slightly higher this afternoon with the NYSE Healthcare Sector Index climbing about 0.2% and shares of healthcare companies in the S&P 500 rising about 0.1% as a group.
In company news, PDL BioPharma ( PDLI ) rose Tuesday after the specialty drug-maker reported non-GAAP net income and revenue that beat Wall Street expectations.
On a non-GAAP basis, the company earned $92.1 million, or $0.52 per share, during the three months ended June 30, down from $93.7 million during the same quarter last year and beating the Capital IQ consensus by $0.06 per share.
Revenue rose 10% over year-ago levels to $162.8 million, topping analyst estimates by around $24.3 million.
The company said it will provide revenue guidance for the current quarter in September.
PDLI shares recently were ahead 1.1% at $9.43 each, earlier climbing to a session high of $9.75 a share. The stock has traded within a 52-week range of $7.38 to $10.21 a share, rising almost 27% over the past 12 months through Monday's close.
In other sector news,
(+) SKH, (+21.5%) Agrees to all-stock buyout offer from privately held Genesis HealthCare, creating one of the nation's largest providers of post-acute care services.
(-) ONTY, (-18.0%) Merck KGaA tells the company its EMR 63325-009 drug candidate did not meet it primary endpoint of improved overall survival during Phase I/II testing in Japanese patients with Stage III non-small cell lung cancer, recommending an end to further testing.
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