Healthcare stocks turned lower Tuesday with the NYSE Healthcare
Sector Index falling 0.3% today and shares of healthcare companies
in the S&P 500 declining about 0.7% as a group.
In company news, Alkermes plc (
) was holding on to a 3% advance on Tuesday after saying its
experimental drug to treat schizophrenia symptoms met its primary
goals during Phase III testing, setting the stage for the company
seeking regulatory approval for aripiprazole lauroxillater this
The company said two doses of the drug injected monthly reduced
the severity of schizophrenia symptoms in patients, compared with a
placebo. Once inside the body, ALKS' drug converts into
aripiprazole, known commercially as Abilify. ALKS' technology
allows the drug to be released at a controlled, allowing patients
to take the drug less frequently.
ALKS shares jumped as much as 10.6% to reach $45.48 each earlier
today, retreating to its current range around $4.50 a share, up
3.4%. The stock has a 52-week range of $22.35 to $54.25 a share,
rising nearly 88% over the past 12 months.
In other sector news,
(+) ZGNX, Sues in federal court to overturn an executive order
by Massachusetts Gov. Deval Patrick barring doctors from
prescribing or drug stores from selling its Zohydro painkiller.
(-) PCRX, Announces plans to sell $100 mln of its shares of
common stock in an underwritten public offering. Also begins
strategic partnership with Patheon to create additional
manufacturing capacity for its Exparel post-surgery pain