Health Care Sector Update for 05/25/2016: SRPT,INNL,GALE,SNY
By MT Newswires, May 25, 2016, 02:02:27 PM EDT
Top Health Care Stocks
JNJ +0.66%
PFE +0.66%
MRK +1.75%
ABT +1.62%
AMGN +1.99%
Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising almost 0.9% while shares of health care companies in the S&P 500 were 0.8% higher as a group.
In company news, shares of Sarepta Therapeutics ( SRPT ) surged Wednesday after the specialty drugmaker this morning said the U.S. Food and Drug Administration will not complete its review of Sarepta's experimental treatment for Duchenne muscular dystrophy by an agency deadline tomorrow.
The delay keeps hope alive for Sarepta and family members affected by the deadly genetic disease that hits boys and young men, steadily limiting muscle use and eventually causing the loss of all basic movement. An FDA advisory panel earlier this year recommended against approving the drug but patients and family members, in particular, have been lobbying to allow eteplirsen to reach the market because there currently is no drug available to treat the debilitating disease.
SRPT shares were up more than 20% at $22.20 apiece, backing down from an early climb to $23.24 a share.
In other sector news,
(+) INNL, (+50.2%) Xaracoll drug candidate reaches primary endpoint during a pair of Phase III trials of reducing post-operative pain in patients immediately following open abdominal hernia repair.
(-) GALE, (-1.2%) Urges shareholders to reject bid by Sanofi ( SNY ) to replace its board through a proposed consent solicitation.
