Healthcare Stocks Little Changed Ahead of Bell; MacroGenics Releases Data on Potential Leukemia Treatment


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Healthcare stocks are holding on to narrow gains, with the NYSE Healthcare Sector Index gaining less than 0.1% and shares of healthcare companies in the S&P 500 adding about 0.2% as a group.

In company news, MacroGenics ( MGNX ) enjoyed a modest uptick before falling negative in recent trade after presenting pre-clinical data today on its proprietary anti-CD3 antibody and an antibody to CD123 to redirect T cells against CD123-positive acute myeloid leukemia cells.

According to the company, the investigators found that the anti-bodies combination eliminated more than 97% of the leukemia cells in mice engrafted with a leukemia patient sample.

They also observed significant clearing from the spleen and bone marrow six weeks after the cell infusions, stating the results provide a strong rationale for the clinical development of the anti-bodies as a novel molecule to treat leukemia patients.

MGNX shares are down about 0.2% at $25.95 each in late trade, earlier climbing as high as $27.00 this morning prior to its mid-day presentation at 55th Annual Meeting of the American Society of Hematology in New Orleans.

In other sector news,

(+) GIVN, Accepts $860-million buyout offer from Covidien ( COV ), with GIVN shareholders receiving $30 in cash for each share they now own. COV said it expects the deal will immediately add to its earnings, adding up to $50 million in annual revenue.

(-) PGNX, Late Friday released Phase I data for its TC-99-M-MIP-1404 SPECT/CT imaging agent, saying it correctly identified eight out of eight patients with prostate cancer in a poster presentation to the Society for Urologic Oncology in Rockville, Md.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: COV , MGNX

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