Healthcare Stocks Continue Rebound; Momenta Pharma Advances After Supreme Court OKs Generic MS Drug Sales

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Healthcare stocks were broadly higher Monday, with the NYSE Healthcare Sector Index advancing 0.6% and shares of healthcare companies in the S&P 500 gaining about 0.5% as a group.

In company news, shares of Momenta Pharmaceuticals ( MNTA ) rose Monday after the U.S. Supreme Court rejected a request by a rival generics drug-maker to produce a version of the company's top-selling Copaxone multiple-sclerosis drug.

Chief Justice John Roberts Friday denied a request by TEVA seeking to keep a lower court ruling from going into effect while the court considers an appeal in a patent fight over Copaxone. The decision is seen as paving the way for generic competitors going on the market as soon as next month.

In addition to MNTA, which developed a generic version of Copaxone in partnership with Novartis' ( NVS ) Sandoz unit, Mylan ( MYL ) is preparing to launch a generic version of Copaxone.

MNTA shares were up 3% at $11.43 a share in recent trade, earlier advancing to a session high of $12.25 a share. The stock has a 52-week range of $10.24 to $19.90, declining nearly 11% over the past 12 months.

TEVA shares reversed earlier declines to recently trade 0.6% higher at $51.17 apiece while MYL was ahead 1.2% at $47.49 a share. NVS was up 0.2% at $84.87 in mid-day trade.

In other sector news,

(+) SRPT, (+45.0%) Receives letter from FDA stating that "with additional data to support the efficacy and safety of eteplirsen for the treatment" of Duchenne muscular dystrophy, a new drug application "should be fileable."

(-) ATHN, (-4.2%) Swings to a loss of $0.21 per share, compared with a net income of $0.02 per share during the same period last year.



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

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This article appears in: Investing , Commodities

Referenced Stocks: MNTA , NVS , MYL

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