Healthcare stocks were broadly higher Monday, with the NYSE
Healthcare Sector Index advancing 0.6% and shares of healthcare
companies in the S&P 500 gaining about 0.5% as a group.
In company news, shares of Momenta Pharmaceuticals (
) rose Monday after the U.S. Supreme Court rejected a request by a
rival generics drug-maker to produce a version of the company's
top-selling Copaxone multiple-sclerosis drug.
Chief Justice John Roberts Friday denied a request by TEVA
seeking to keep a lower court ruling from going into effect while
the court considers an appeal in a patent fight over Copaxone. The
decision is seen as paving the way for generic competitors going on
the market as soon as next month.
In addition to MNTA, which developed a generic version of
Copaxone in partnership with Novartis' (
) Sandoz unit, Mylan (
) is preparing to launch a generic version of Copaxone.
MNTA shares were up 3% at $11.43 a share in recent trade,
earlier advancing to a session high of $12.25 a share. The stock
has a 52-week range of $10.24 to $19.90, declining nearly 11% over
the past 12 months.
TEVA shares reversed earlier declines to recently trade 0.6%
higher at $51.17 apiece while MYL was ahead 1.2% at $47.49 a share.
NVS was up 0.2% at $84.87 in mid-day trade.
In other sector news,
(+) SRPT, (+45.0%) Receives letter from FDA stating that "with
additional data to support the efficacy and safety of eteplirsen
for the treatment" of Duchenne muscular dystrophy, a new drug
application "should be fileable."
(-) ATHN, (-4.2%) Swings to a loss of $0.21 per share, compared
with a net income of $0.02 per share during the same period last
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