|Healthcare Review: The Cooper Companies & Endologix Jump, Accuray Incorporated Slumps|
|By Staff and Wire Reports|
|Friday, 07 September 2012 18:07|
U.S. market are moving within a narrow range on Friday, with blue-chip stocks on a minor retreat and benchmark indexes poised for a gain on the week, as lackluster August jobs data fueled speculation that the Federal Reserve may implement another round of monetary stimulus.
U.S. employment growth slowed sharply in August as nonfarm payrolls expanded by a seasonally adjusted 96,000 in August — well below estimates and down from a respectable 141,000 jobs in July. Several healthcare stocks are making notable news at mid day on Friday:
Support.com, Inc. (NASDAQ:SPRT) shares declined 2.69% to $3.25 in the morning hour. Zacks upgraded shares of Support.Com from a neutral rating to an outperform rating in a report released last week. Additionally, analysts predict that SPRT will post $-0.08 earnings per share for the current fiscal year.
Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares gained 3.22% to $51.91. The shares of the company had its “buy” rating reaffirmed by research analysts at Jefferies Group in a report released today. They currently have a $60.00 target price on the stock. The company is a biopharmaceutical company. Questcor primary product is H.
Accuray Incorporated (NASDAQ:ARAY) shares declined 9.60% to $5.91 after the company reported fourth-quarter net loss of $20.3 million or $0.28 per share, versus a net loss of $25.0 million or $0.40 per share in the comparable quarter last year. Adjusted non-GAAP net loss was $14.2 million or $0.20 per share. Total net revenues rose to $100.5 million from $75.2 million in the same period last year. Analysts expected the company to lose $0.12 per share on revenue of $106.92 million for the quarter.
The Cooper Companies, Inc. (NYSE:COO) stock climbed 8.42% to $93.27 after the company posted third quarter net income of $66.9 million or $1.36 per share, as compared to $44.2 million or $0.90 per share for the year-ago quarter. Adjusted net income for the latest was $71.7 million or $1.45 per share. Net sales rose 8% to $378.19 million from $351.40 million in the same quarter last year. Analysts expected the company to earn $1.29 per share on revenue estimate of $367.59 million for the third quarter.
Endologix, Inc.(NASDAQ:ELGX) stock increased 6.81% to $12.71 after Investment analysts at BMO Capital Markets began coverage on shares of Endologix in a note issued to investors today. The firm set an “outperform” rating and a $15.00 price target on the stock.
Additionally, the company announced achievement of the CE (Conformite Europeenne) Mark of the current version of the Nellix(R) EndoVascular Aneurysm Sealing System for the treatment of patients with abdominal aortic aneurysms ("AAA"). Nellix is an innovative new endovascular aneurysm sealing ("EVAS") system designed to simplify endovascular procedures, treat a broader range of patients, and provide enhanced clinical outcomes. The Nellix System is not approved in the United States for either investigational use or commercial sale.