Updated from 2:30 p.m. EDT
were among the worst-performing health and pharmaceutical stocks Monday, falling 21.2% after the biopharmaceutical company said it would sell $8.7 million worth of stock.
The company plans to sell 6.5 million shares at $1.35 apiece, with warrants to purchase about 3.25 million shares. The warrants have an exercise price of $2 a share. Insmed said it would use the proceeds from the stock sale to fund additional clinical trials of Insmed's products. The $1.35 share price represents an 18% discount to Friday's closing price of $1.65. Shares traded down 35 cents to $1.30.
rose 1.7% after the company posted strong third-quarter earnings and sales. Excluding items, the drug company posted a profit of 11 cents a share on sales of $40.6 million. Analysts surveyed by Thomson First Call were expecting earnings of 9 cents a share on sales of $39.4 million. Looking ahead, the company forecast fourth-quarter earnings of 16 cents to 17 cents a share. Analysts had been expecting earnings of 16 cents a share. Shares traded up 17 cents to $10.38.
rose 0.4% after the company posted third-quarter financial results that matched expectations. Ariad posted a loss of 18 cents a share on sales of $185,000. A year ago the company posted a loss of 11 cents a share on sales of $190,000. The drug developer also announced that its AP23573 cancer treatment moved into phase II testing during the quarter. Shares traded up 2 cents to $5.47.
( VTIV) rose 1.2% after the company posted third-quarter earnings above expectations and raised its full-year earnings guidance. Ventiv earned 20 cents a share during the third quarter on sales of $88.9 million. Analysts were expecting earnings of 17 cents a share on sales of $70.5 million.
Looking ahead, Ventiv raised full-year earnings guidance to 76 cents to 77 cents a share, up from its previous guidance of 69 cents to 72 cents a share. Analysts had been expecting earnings of 72 cents a share. Shares traded up 23 cents to $18.98.
( DOVP) fell 4.1% after the company posted a third-quarter loss that was wider than expected. The biopharmaceutical company posted a loss of 56 cents a share on sales of $343,000. Analysts were expecting a loss of 51 cents a share on sales of $860,000. Looking ahead, DOV forecast sales of $4.4 million to $5 million.
Previously, it expected sales of $2 million. DOV said the increase is attributable to the recognition of $2.4 million in sales related to a licensing agreement with
. Shares traded down 70 cents to $16.48.
Other health care volume movers included
, down 38 cents to $28.41; Merck, up 36 cents to $26.57;
, up $1.12 to $29;
, up 32 cents to $3.39;
( MEDX), up 74 cents to $9.13; and
, down 36 cents to $24.65.