Health stocks were still down on mixed earnings Thursday, as biopharmaceutical concern
continued its nosedive.
Dendreon fell an additional 12%, or 79 cents, to $5.54 Thursday, a day after a 64% plunge sparked by a regulatory setback. The Food and Drug Administration on Wednesday requested more information about Provenge, the company's prostate cancer treatment.
slid 11% after reporting a quarterly loss. The neurological device maker reported a loss of $1.4 million, or 9 cents a share, compared with a loss of $2.5 million, or 18 cents a share in the year-ago quarter. The loss disappointed analysts, who had predicted a loss of 4 cents a share. Shares dropped $2.44 to $20.10.
Even companies exceeding expectations suffered declining share prices.
, which owns and operates hospitals, reported net income of $6.3 million, or 30 cents a share, compared to a loss of $1.9 million, or 10 cents a share in the same period last year. That beat analysts' earnings expectations of 27 cents a share. The 2006 figure includes "unusual items" that unfavorably affected the stock by 4 cents a share. Despite the profit, the company's shares were recently down $1.86, or 5.6%, to $31.35.
slid 2.9% after reporting an increase in revenue. The company, which provides neonatal and other pediatric care services, reported service revenue of $214.5 million for the first quarter, up 14% from $187.7 million for the same quarter last year. It also announced Manuel Kadre, vice president and general counsel of the de la Cruz Companies, will join the board of directors. Shares were down $1.71 to $56.64.
Some companies still managed to gain some positive momentum after earnings.
rose 3 cents, or 2%, to $1.53, after reporting a narrowed first-quarter loss. The company lost $5.5 million, or 19 cents a share, from $7.7 million, or 28 cents a share, in the year-ago period. Analysts polled by Thomson Financial expected a loss of 27 cents a share. The company said the reduction was due to a $1 million decrease in project costs from tumor-targeting drug cintredekin besudotox and decreased personnel costs.
shares increased on a decreased loss. The biopharmaceutical company reported a net loss of $1.1 million, or 3 cents a share, compared to a net loss of $3.5 million, or 11 cents a share, for the year-ago quarter. Analysts polled by Thomson Financial predicted a loss of 7 cents a share for the quarter. Shares rose 6 cents, or 0.7%, to $8.37.
Biotechnology Index, which includes Dendreon, NeoPharm, and Cypress, was down 24.55, or 2.9%.