Health Care Sector Update for 06/19/2017: CLVS,NVDQ,SYK,SGEN

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Health care stocks were putting up strong gains to start the new week, with the NYSE Health Care Index adding more than 0.8% while shares of health care companies in the S&P 500 were up nearly 1.1% as a group.

In company news, Clovis Oncology ( CLVS ) jumped out to a nearly 19-month high on Monday, topping out at $91.00 a share, after the biotech company reported positive topline data from Phase III testing of its rucaparib drug candidate, which met its primary endpoint of improved progression-free survival in ovarian cancer patients compared with a placebo in each of three patient groups.

Based on the new findings, Clovis is expecting to file a supplemental new drug application for rucaparib as a second-line and as a later maintenance treatment for all women with platinum-sensitive ovarian cancer who have responded to their most recent platinum therapy sometime within the next four months. Progression-free survival also was observed in both the HRD-positive and HRD-negative subgroups of patients without a BRCA mutation, the company said.

Rucaparib also was effective treating ovarian cancer in patients with residual disease when the trial started, demonstrating further reduction in their tumor burden, and in some circumstances showed complete responses.

Following the company's announcement, analysts at Chardan Capital Markets raised their investment call for Clovis shares to Neutral from Sell and increased their price target for the stock by $14 to $50 a share.

(+) NVDQ, (+95.4%) Accepts $701 mln acquisition offer from Stryker ( SYK ), which will pay $11.75 in cash for each Novadaq Tech share. Stryker is expecting the transaction will reduce its adjusted per-share earnings this year by $0.03 to $0.05 per share, before becoming neutral in 2018 and increasing its profitability beginning in 2019.

(-) SGEN, (-2.7%) Discontinues Phase III trial of its SGN-CD33A drug candidate in frontline patients with older acute myeloid leukemia following consultation with its Independent Data Monitoring Committee and after reviewing unblinded data indicating a higher rate of death, including fatal infections in the active arm compared with control arm.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , US Markets
Referenced Symbols: CLVS , SYK , NVDQ , SGEN

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