Healthcare Round Up: Dendrean Falls From Grace

Healthcare trading lower with the broader market today and once again the small caps weighing on the performance of the broader group as investors look to take profits in the recent outperformers. Biotechs, tools, managed care and facilities, four of the best performing subsectors in the group YTD under pressure today while pharma finds a defensive bid. AMAG shares down 10% after the company reported disappointing Q1 Feraheme sales (note G. Meacham out downgrading shares this morning;  )
DNDN shares still under pressure today post earnings. JAZZ down 5% following earnings where Xyrem sales came in modestly lower than expectations. THOR trading close to flat on the day, recovering from early morning weakness after reporting a disappointing top line number last night. NXTM down 12% after the company put out lighter Q2 guidance and on the call Mgmt indicated one of its biggest customers was trying to restrict home therapy bc of the onerous reimbursement process. Flows significantly more active today versus the first two days of the week and despite the weakness in the group, the desk is ~3-1 better to buy on weakness with a focus in services and pharma. Biotechs and pharma still better to the sell side. Dendreon Corporation (DNDN) Citibank is Expecting -16% Downside From Here