5 Big-Name Medical Stocks Show Notable Chart Action
Loading the player… There’s a lot of news breaking in the medical sector today. Let’s take a look at five medical-related stocks with notable charts: Valeant Pharmaceuticals ( VRX ), Eli Lilly ( LLY ), Teva Pharmaceuticals ( TEVA ), Inogen ( INGN ) and Ligand Pharmaceuticals ( LGND ). Valeant Plunges On Results Valeant reported preliminary fourth-quarter earnings that missed expectations and slashed its guidance. The specialty drugmaker warned that it could potentially default if it doesn’t file its annual report by an April deadline. Valeant’s financials are under an ongoing review after a scandal broke out last fall. Shares plunged more than 50% in giant volume, hitting their lowest level in four years. The stock is now trading at 86% below its all-time high reached last August. Late-Stage Trial Change Hits Lilly Eli Lilly crumbled as much as 6% after announcing it’s changing the goal of the phase-three clinical trial for its Alzheimer’s treatment, signaling that the drug can only treat cognitive capabilities and not functional capabilities as well. The decline came in big turnover, and sent shares to a one-year low in intraday trade. Lilly is now 23% below its high reached in September. Teva’s Acquisition Delayed Teva Pharma’s $40.5 billion acquisition of Allergan’s generics unit has been delayed until June as it works to get regulators’ approval. Shares dropped more than 5% in intraday trade. Volume was heavy. Shares are now trading 14% below a consolidation buy point and 21% below their July high. Inogen Beats Views Inogen reported better-than-expected quarterly results on Tuesday. The company makes oxygen tanks for chronic respiratory conditions. The gap-up put shares above their 200-day line in intraday trade, but the stock was struggling to hold above that level as it pared some of its gains. Inogen was able to retake the 50-day line in Monday’s session. It’s now about 27% below its September peak. IBD 50’s Ligand Basing Meanwhile, IBD 50 stock Ligand Pharma is working on a double-bottom base with a potential buy point at 106.08. Shares are currently trading about 7% below the pivot.