Health care stocks were posting outsized gains today, with the NYSE Health Care Index jumping over 1.8% while shares of health care companies in the Samp;P 500 were up more than 2.2% as a group.
In company news, Seattle Genetics ( SGEN ) slid to a three year low on Wednesday despite analysts at Cantor Fitzgerald today raising their investment call for the specialty drugmaker to Buy from Hold after it recorded a smaller-than-expected net loss as revenue improved compared with year-ago levels, also exceeding consensus opinion.
Seattle Genetics reported a net loss of $24.9 million, or $0.18 per share, during the three months ended Dec. 31, trimming a $26.7 million, or $0.22 a share, loss during the same quarter last year and beating the Capital IQ consensus by $0.01 per share.
Revenue rose 25.8% over year-ago levels to $93.5 million, also topping the Street view for $88.4 million. Looking forward to all of 2016, Seattle Genetics is projecting between $390 million to $430 million in FY16 revenue, bridging analyst estimates expecting $414.2 million this year.
Analyst at Piper Jaffray today also trimmed their price target for the companys stock by $11 to $33 a share.
SGEN shares were down over 7% at $27.00 apiece, recovering from their worst price since early January 2013 at $26.02 a share.
In other sector news,
(+) TEAR, (+30.8%) Withdraws proposed public offering of its common stock, citing market conditions.
(-) USNA, (-19.5%) Q4 EPS of $1.83 misses by $0.16 per share. Revenue rises 2.1% to $232.6 million, also lagging Street view by $6.3 mln. Projected FY16 EPS trails consenus by at least $0.44 per share. FY16 revenue guidance also lags.