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Sector Update: Healthcare Stocks Posting Narrow Losses; Organovo Tumbles After Posting Wider Q4 Net Loss

Top Healthcare Stocks

JNJ -0.52%

PFE +0.41%

ABT -0.52%

MRK +0.50%

AMGN +0.22%

Healthcare stocks were slightly lower in afternoon trade, with the NYSE Healthcare Sector Index off 0.1% and shares of healthcare companies in the S&P 500 down 0.1% as a group.

In company news, Organovo Holdings Inc. ( ONVO ) slumped Thursday, with shares falling as much as 14% after the artificial-tissue company saw its Q4 net loss widen over year-ago levels despite a 76.2% year-over-year jump in quarterly revenues.

ONVO posted a $25.8 million net loss, or $0.35 per share, during the three months ended March 31, on $379,000 in revenue. That compares with a $16.1 million net loss, or $0.25 per share, on $215,000 in revenue during the same quarter last year.

No analyst estimates were available for comparison.

ONVO shares were down more than 9% at $6.61 each in recent trade, earlier sinking to a session low of $6.26 a share. The stock has a 52-week range of $3.54 to $13.65 a share, rising 66% over that span.

In other sector news,

(+) MSLI, (+17.2%) Announces $22.1 mln bought-deal financing with underwriters purchasing 13 mln shares at $1.70 apiece, a 4.3% premium over Wednesday's closing price. Proceeds will be used for future acquisitions and general working capital.

(-) ARIA, (-6.9%) Prices upsized $200 mln offering (from $175 mln) of convertible senior notes notes due 2019. Proceeds will be used to support upcoming clinical trials and other operations.

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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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