Healthcare Stocks Paring Earlier Gains; Perrigo Inks Deal to Co-Produce Adult Nutritional Drink

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Healthcare stocks were higher again with the NYSE Healthcare Sector Index advancing 0.4% and shares of healthcare companies in the S&P 500 also climbing 0.4% as a group.

In company news, Perrigo plc ( PRGO ) shares were off their worst levels of the session but remain underwater late in Wednesday's session after earlier announcing plans to work with a division of Golden State foods to produce a popular nutritional drink for older adults.

PRGO and Golden State's KanPak unit will partner to produce six varieties of Ensure nutritional drinks, the companies said. Additional details of the partnerships were not disclosed as well as any information on the companies' relationship with Abbott Laboratories ( ABT ), which markets Ensure through its Abbott Nutrition subsidiary.

PRGO shares were down nearly 1% at $156.57 each, or more than $1 above its intra-day low. The stock has a 52-week range of $111.37 to $162.35 a share. ABT was up 1.1% at $38.83 a share in late trade.

In other sector news,

(+) KOOL, Submits pre-Investigational Device Exemption information package to the U.S. Food and Drug Administration for the use of its SurgWerks CLI Therapy to treat no-option patients with late-stage, critical limb ischemia.

(-) INSM, Said its Arikayce inhaled antibiotic falls short of its primary goal in Phase II testing, failing to cause a statistically significant reduction in drug-resistant nontuberculous mycobacteria lung infections when compared to a placebo.



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This article appears in: Investing , Commodities

Referenced Stocks: PRGO , ABT

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