Monday's Health Winners & Losers
Merger news launched a couple of health care sector stocks higher Monday, while ASCO data dragged a few players down a bit.
Inverness Medical Innovations (IMA) announced Monday it has agreed to acquire Cholestech (CTEC) in a stock-for-stock merger. Cholestech shareholders will receive 0.43642 shares of Inverness common for every Cholestech share. The transaction is pending approval by Cholestech's shareholders, and is expected to close in the fall. Cholestech leapt $2.90, or 17.3%, to $19.70, and Inverness was down $1.86, or 3.9%, to $46.31.
Losing Monday, Cell Therapeutics ( CTIC) announced after market close on Friday that it registered to sell $150 million of securities. The company said the number and price of the securities will be determined at the time of sale. The company's stock fell 5 cents, or 11%, to $4.17.Data presented at the annual meeting of the American Society of Clinical Oncologists in Chicago, which started on Friday and will continue through Tuesday, pushed a few biotech stocks down. For more news from this meeting, check out TheStreet.com's
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV