Healthcare Stocks Mostly Higher; Response Genetics Hits 52 Week Highs On Pathwork Deal; ONXX and AMGN In The News


Top Healthcare Stocks

JNJ -0.7%

PFE -0.5%

ABT -0.3%

MRK +0.1%

AMGN +8.00%, earlier hit fresh 52 week highs

Healthcare stocks are higher today with the NYSE Healthcare Sector Index gaining about 0.1% and shares of healthcare companies in the S&P 500 adding 0.6% as a group.

In company news, Response Genetics, Inc ( RGDX ) is up 33.8% at $2.52 a share, earlier climbing to a new 52-week high of $2.93 a share amid news the maker of pharmacogenomic tests is acquiring proprietary FDA-approved and Medicare-eligible cancer diagnostic tests from Pathwork Diagnostics for $200,000 in cash and 500,000 share of its stock.

The deal also include Pathwork's diagnostic test for metastatic, poorly differentiated and undifferentiated cancer.

RGDX expects the transaction will be accretive to earning within its first full year of acquisition.

The tests use a proprietary microarray platform and software to compare the expression of the 2,000 genes in a patient's tumor with a panel of 15 known tumor types representing about 90% of all cancers. It generated sales "in the mid-seven figures" for Pathwork during 2012, the companies said.

In other sector news,

(+) ONXX, (+5.7%) Accepts $10.4-bln buyout from Amgen Inc ( AMGN ), receiving $125 a share in cash and AMGN gaining control of ONXX's cancer drug Kyprolis. AMGN shares are up 8% at $114 apiece, having earlier hit fresh 52 week highs of $116.25.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: AMGN , RGDX

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