Sector Update: Healthcare Shares Flat to Lower; Dendreon Soars on Reports It's Seeking Buyer

By Staff,

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Healthcare stocks:

JNJ: flat

PFE: -0.36%

ABT: flat

MRK: -2.2%

AMGN: flat

Healthcare shares are flat to lower in pre-market trade.

In healthcare stocks news, Dendreon Corp ( DNDN ) rose nearly 18% in pre-market trading after a Bloomberg report said the company is seeking a buyer and have hired JPMorgan Chase & Co to help with the search.

Citing unnamed people with knowledge of the situation, Bloomberg said the strategic shift resulted after the company's prostate cancer treatment drug sales failed to meet expectations.

In contrast, Synta Pharmaceuticals ( SNTA ) is down 19.2% this morning after it announced presentation of results from the GALAXY-1 trial, a global, randomized, multi-center study designed to identify the patients with advanced non-small cell lung adenocarcinoma most likely to benefit from second-line treatment with the company's lead drug candidate, the Hsp90 inhibitor ganetespib, in combination with docetaxel versus docetaxel alone.

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: DNDN , SNTA

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