Markets

Sector Update: Healthcare Stocks Finish Lower Again; Cesca Therapeutics Slides After Pricing $11.3 Mln Offering

op Healthcare Stocks

JNJ -0.13%

PFE +0.07%

ABT -0.18%

MRK -0.29%

AMGN -0.28%

Healthcare stocks were slightly lower today with the NYSE Healthcare Sector Index falling about 0.2% and shares of healthcare companies in the S&P 500 were down 0.1% as a group.

In company news, Cesca Therapeutics Inc. ( KOOL ) was ending Friday with steep losses after the medical-device company priced an offering of 7.53 million shares of its common stock at $1.50 apiece, generating around $11.3 million in gross proceeds.

The company also issued five-year warrants to purchase up to 2.259 million shares of common stock with an exercise price of $1.55 per share. The offering is expected to close June 18.

KOOL shares were down 17.5% at $1.46 each in recent trade, holding 3 cents above its intra-day low. The stock has a 52-week range of 71 cents to $3.24 a share, climbing 18.7% over the past 12 months.

In other sector news,

(+) NKTR, FDA advisory panel recommends against requiring cardiovascular outcomes trials for peripherally-acting mu-opioid receptor antagonist drugs, including the company's Movantiktm drug candidate for opoid-induced constipation.

(-) OMED, Voluntarily halts patient enrollment and dosing in Phase 1 testing of vantictumab and Fzd8-Fc, its prospective monoclonal antibody cancer treatments.

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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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