Sector Update: Health Care

By Staff,

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Healthcare stocks were higher Wednesday with the NYSE Healthcare Sector Index climbing about 0.5% and shares of healthcare companies in the S&P 500 advancing about 0.2% as a group.

In company news, Tetraphase Pharmaceuticals ( TTPH ) rallied Wednesday, with shares of the clincial-stage biotech climbing as much as 16.5% today after the company reported positive top-line results from Phase III testing of its prospective treatment for urinary tract infections.

The initial portion of the current study sought to measure the efficacy and safety of intravenous and oral formulations of the company's eravacycline drug candidate compared with levofloxacin, a widely used antibiotic. According to the company, data from the lead-in portion of the trial support advancing to its pivotal stage.

Of the 40 patients in the IV-to-oral arm receiving IV injections of eravacycline followed by 200 milligrams of the drug orally twice daily, 28 - or 70.8% - met the primary endpoint of the trial while another 26 of the patients receiving 250 milligrams met the primary endpoint compared to just 21 in the levoflaxacin arm.

TTPH shares were ahead nearly 13.2% at $14.80 each this afternoon, climbing to a session high of $15.24 a share earlier today. The stock has traded within a 52-week range of $8.01 to $17.74 a share, rising just over 50% during the past 12 months through yesterday's close.

In other sector news,

(+) INFI, (+48.4%) Announces collaboration with AbbVie ( ABBV ) to commercialize its Duvelisib cancer treatment, with ABBV paying $275 mln for global licensing rights and could eventually pay up to $530 mln more as the drug reaches various milestones.

(-) IRMD, (-37.6%) Discloses receiving FDA warning letter following an inspection of its facility in April requesting the company immediately cease activities resulting in misbranding of its mRidium 3860 MRI infusion pump.

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: TTPH , ABBV

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