Health Care Sector Update for 03/16/2017: EDIT,SKLN,TROV

Top Health Care Stocks

JNJ -0.60%

PFE -0.68%

MRK -0.95%

ABT -0.76%

AMGN -1.60%

Health care stocks were mostly underwater this afternoon, with the NYSE Health Care Index dropping almost 0.6% while shares of health care companies in the SP 500 were down 1.0% as a group.

In company news, Editas Medicine ( EDIT ) was higher in late Thursday trading, so far resisting the declines that typically greet companies proposing public stock offerings.

According to a preliminary prospectus filed last night, Editas is planning to sell 4 million shares of its common stock and will also issue 30-day options to underwriters to buy up to 600,000 additional shares to cover potential overallotments.

Editas said it intends to use proceeds for preclinical and clinical trials of its LCA10 drug candidate to treat genetic and infectious eye diseases as well as pre-clinical studies of its prospective treatments for non-malignant hematologic diseases and its collaboration with Juno Therapeutics.

EDIT shares were up about 1% at $24.94 each, falling back from a session high earlier today of $26.46 a share.

In other sector news,

(+) SKLN, Narrows Q4 net loss to $0.16 per share, compared with a $10.87 per share loss in year-ago period. No analyst estimates were available for comparison.

(-) TROV, Q4 net loss widen to $0.34 a share from $0.26 per share last year and missing three-analyst consensus by $0.02 per share. Revenue declines 14% to $68,000. Cutting 30 employees and reducing RD spending. Piper Jaffray downgrade to Underweight; Maxim Group lowers rating to Hold.

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