Wednesday's Health Winners & Losers
Buybacks, bids, downgrades and drama peppered the news, prompting a few spikes in a generally flat health sector Wednesday.
Biogen Idec (BIIB) pledged a $3 billion buyback of up to 57 million shares of its own stock, reducing the share count by 16%. It will buy them for between $47 and $53 a share, depending on how many shares are tendered by shareholders. The Cambridge, Mass., biotech company said the buyback, which started today, will run through June 26. The stock climbed $2.75, or 5.6%, to $51.95.
The Amex Biotechnology Index, which includes Biogen, was up 1.39, or 0.2%, to 820.01.
(NOVC) were up $5.90, or 73%, by Wednesday afternoon, after having risen more than 100% earlier in the day. The stock soared on the news that the California-based biotech company
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