Sector Update: Health Care


Health care stocks were mostly higher, with the NYSE Health Care Sector Index advancing about 0.1 % and shares of healthcare companies in the S&P 500 holding a 0.3% gain as a group.

In company news, Galectin Therapeutics ( GALT ) plunged Tuesday after the drug-maker said its GR-MD-02 experimental liver medication failed to perform better than a placebo during Phase I testing.

The study found GR-MD-02 was safe and well-tolerated with no reported adverse events in patients during the recent clinical trial, according to a company presentation included in a regulatory filing today.

GALT shares were down more than 55% at $6.48 apiece, sliding to a session low of $6.32 a share. The stock has a 52-week range of $4.93 to $19.11 a share, rising more than 33% over the past 12 months despite Tuesday's steep drop.

In other sector news,

(+) HLS, (+7.0%) Earns $0.54 per share during Q2, ex items, beating analyst consensus by $0.07. Revenue grows 7.1% to $604.4 mln, exceeding estimates by around $14.63 mln. Raises FY14 EPS guidance by as much as $0.40, topping Street view by at least $0.33.

(-) TRGT, (-27.38%) Discontinues work on its TC-5214 drug candidate to treat overactive bladders after it demonstrated mixed results during Phase IIb testing, failing to reach statistical significance in reducing urinary incontinence compared with a placebo.

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.

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This article appears in: Investing , Commodities

Referenced Stocks: GALT

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