Health Winners & Losers: Symmetry Medical
Tuesday proved a mixed day for biotech and health-care stocks. The Amex and Nasdaq biotechnology indices edged down 0.5% and 0.3%, while the Amex pharmaceutical index rose 0.9% to 289.93.
In the health-care space, two diagnostics companies got a lift from new analyst coverage. AspenBio Pharma (APPY) climbed 62 cents, or 13.4%, to $5.25 after Lazard Capital initiated coverage with a buy rating. Monogram Biosciences (MGRM) climbed 3 cents, or 2.8%, to $1.09 after JMP Securities initiated coverage with a market outperform rating.
Cardium Therapeutics (CXM) rose on news shares of the San Diego-based medical technology company, which trade on the Amex, have been selected for inclusion in the Russell Microcap Index. The stock rose 17 cents, or 7.7%, to $2.37.
Medical implant company Symmetry Medical (SMA) climbed after reporting first-quarter net income of $4 million, or 11 cents a share, up from $1.6 million, or 5 cents a share, a year ago. Excluding charges, the company earned 20 cents a share on $101.9 million in revenue. Analysts were looking for EPS of 14 cents on revenue of $88.4 million, according to Thomson Reuters data. The stock rose $1.08, or 7.3%, to $15.96.On the losing side, Invitrogen (IVGN) slid despite an upgrade by JP Morgan from neutral to overweight. The stock fell 78 cents, or 2%, to $39.23. Goldman downgraded Charles River Laboratories (CRL) to neutral from buy based on valuation following the stock's recent strength. The stock is about 13% from Goldman's $13 price target of $73. The stock traded Tuesday as low as 3.5% down, but ended with a loss of just 61 cents, or 0.9%, at $64.27.
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