Mixed Performance Health Care Stocks

Health care stocks were mixed Wednesday, with the NYSE Health Care Index gaining nearly 0.3% while shares of health care companies in the S&P 500 were down 0.3% as a group.

In company news, Coherus BioSciences (CHRS) slumped Wednesday after the early-stage biologics company today priced a $125 million public offering of more than 5.15 million shares of its common stock at $24.25 apiece, a 9% discount to Tuesday’s closing price.

The company expects to use net proceeds from the offering to build out the sales and marketing infrastructure ahead of a potential commercial launch of its CHS-1701 pegfilgrastim biosimiliar that stimulates a patient’s bone marrow to produce granulocytes and stem cells and then release them into the bloodstream.

A portion of the new funds also may be used to continue development for its CHS-0214 treatment for rheumatoid arthritis and CHS-1420, a biosimiliar of Abbvie’s (ABBV) Humira medication.

By Stephen Holmes