Top Healthcare Stocks
Healthcare stocks were lower, with the NYSE Healthcare Sector
Index off about 0.1% while shares of healthcare companies in the
S&P 500 slide about 0.5% as a group.
In company news, shares of Clovis Oncology Inc. (
) rose Tuesday after the biopharmaceutical company developing
anti-cancer agents late Monday received Breakthrough Therapy
designation for its prospective treatment of non-small cell lung
cancer in patients who develop a resistance to cell-growth
Shares were ahead 2.5% at $58.19 each, earlier climbing to an
intra-day high of $61.70 a share. The stock has a 52-week range of
$32.32 to $93.33 a share, rising nearly 54% over the past 12 months
through Monday's close.
The Breakthrough Therapy designation was granted by the U.S.
Food and Drug Administration following interim efficacy and safety
results from ongoing Phase I/II testing of the company's CO-1686
drug candidate. The prospective treatment produced an 64% objective
response rate in 14 of the 22 patients who had developed a
tolerance to certain other anti-cancer medications and was
generally well-tolerated, with only one patient discontinuing
treatment due to adverse events.
The company is scheduled to present an update on CO-1686 at an
industry conference beginning next Saturday, May 31, in Chicago.
CLVS also is enrolling two Phase II expansion cohorts for the
current study, with expectations of submitting a New Drug
Application to the FDA by mid-2015.
In other sector news,
(+) OPHT, (+22.4%) Inks commercialization pact with Novartis (
) for its treatment for wet age-related macular degeneration, with
the potential to pocket as much as $1 billion in upfront and
milestone payments before receiving any potential royalties.
(-) GSK, (-0.2%) A state-run newspaper, Legal Daily, accuses the
company of evading around $16 mln in sales taxes for its HIV
treatment as part of a broader probe into possible improprieties by
company officials in China, Bloomberg reports.
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