|Healthcare Movers: MannKind Corporation, CytRx, Lexicon Pharmaceuticals, Abbott Laboratories, Geron Corporation Are Big Movers|
|By Staff and Wire Reports|
|Thursday, 18 October 2012 12:56|
Following are the notable healthcare stock movers at mid day on Thursday:
MannKind Corporation (NASDAQ:MNKD) stock plunged 23.52% to $1.99 after the company announced the pricing of an underwritten public offering of 40 million shares of its common stock, together with warrants to purchase up to an aggregate of 30 million shares of its common stock. Each share of common stock is being sold together with a warrant for a combined purchase price of $2.00. Each warrant entitles the holder to purchase 0.75 of a share of common stock The gross proceeds to MannKind from this offering are expected to be $80.0 million.
CytRx Corporation (NASDAQ:CYTR) stock dropped 19.05% to $2.52 after the company announced the pricing of its previously announced underwritten public offering. CytRx is offering 8 million shares of common stock at a public offering price of $2.50 per share for gross proceeds of $20 million, prior to deducting the underwriting discount and estimated offering expenses payable by CytRx.
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) shares declined 10.60% to $2.23 in the early hour after the company’s offer of 17.5 million shares priced at a 10% discount to Wednesday close. The company shares were down 13% at $2.18 in early trading, below the offer price of $2.25. Lexicon, which had 494.3 million shares outstanding as of July 31, plans to use proceeds for research and development.
Abbott Laboratories (NYSE:ABT) shares dropped 4.95% to $65.62 after the company reported a third quarter profit of $1.94 billion, or $1.21 a share, versus $303 million, or $0.19 a share, in the same quarter a year earlier. Adjusted earnings were $1.30 a share compared with $1.18. Sales edged down 0.4% to $9.77 billion. Analysts had most recently forecast earnings of $1.28 a share on revenue of $9.94 billion.
Geron Corporation (NASDAQ:GERN) shares gained 8.10% to $1.53 in the morning hour after BioTime Inc. urged Geron shareholders to push Geron's board to sell the company's stem cell assets to BioTime. In November of last year, Geron said it would discontinue the further development of its stem cell programs and will eliminate 38% of its workforce as the company aimed to focus resources on advancing two cancer drug candidates.