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Sector Update: Healthcare

Healthcare stocks were most lower Friday with the NYSE Healthcare Sector Index sinking about 0.6% and shares of healthcare companies in the S&P 500 falling around 0.8% as a group.

In company news, Molina Healthcare ( MOH ) was up nearly 4% at $39.32 a share in late trade after the Medicare and healthcare services processor posted a surprise Q1 profit.

Q1 earnings at the company were $0.10 per share, excluding non-recurring items, well over analyst estimates looking for a $0.01 per share net loss. Revenue rose 30.1% year over to year to $2.07 billion, edging out the consensus view by about $0.10 per share.

The company also reaffirmed its FY14 guidance expecting adjusted EPS of $1.65 to $2.15, in-line with the $1.95 per share consensus.

In other sector news,

(+) RXII, Announces positive test results for its RXI-109 drug candidate, reducing levels of a protein that helps form scars after being injected into the eyes of cynomolgus monkeys.

(-) IMMU, Prices underwritten public offering of 9 mln shares of ts common stock at $3.35 each - a 19% discount to Thursday's closing price. Proceeds will fund Phase III testing of its prospective pancreatic cancer drug as well as other trials.

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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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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