Markets

Sector Update: Healthcare

Healthcare stocks are lower with the NYSE Healthcare Sector Index sinking 1.0% and shares of healthcare companies in the S&P 500 also falling 1.0% as a group.

In company news, Kythera Biopharmaceuticals Inc. ( KYTH ) is down 0.75% at $45.20 a share, bouncing back from a slide as low as $43.48 that followed the drug-maker filing registration documents to sell $100 mln of its shares.

At its current stock price, the deal would result in KYTH issuing around 2.21 million shares, diluting current shareholders by around 11.8%.

KYTH said it plans to use proceeds from the proposed offering on additional testing and commercialization of its ATX-101 drug candidate to treat submental fat, more commonly known as a double chin.

In other sector news,

(+) ARWR, Stock climbs to best level in a year and a half after the biotech company prices a $60 million private placement of stock, funding another trial of its ARC-520 drug candidate to treat the hepatitis B virus.

(-) CVM, Prices $17.8 mln public offering of common stock and warrants at $1 per unit.

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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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