Sector Update: Healthcare

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Healthcare stocks are lower with the NYSE Healthcare Sector Index declining 0.3% and shares of healthcare companies in the S&P 500 also falling 0.2% as a group.

In company news, Pain Therapeutics Inc. ( PTIE ) is up nearly 43% in late trade at $3.27 a share, rising as high as $3.45 today following reports Pfizer ( PFE ) is close to restarting Phase I testing of Remoxy - a tamper-resistant form of oxycodone pain-killer develped by PTIE.

The upcoming trial will begin later this month and examine the effects of food on oxycodone pharmacokinetics following 40-milligram doses of the drug, according to data on the FDA website and ClinicalTrials.gov, an online database managed by the U.S. National Institutes of Health tracking drug and medical device trials. The study also will measure effectiveness of Remoxy compared with other painkillers.

Pfizer ( PFE ) is down about 1.1% at $28.48 a share in late trade, climbing back near its best levels of the session. Another company with Remoxy in its pipeline is Durect Corp ( DRRX ). Its shares are up nearly 23% at $1.29 each.

In other sector news,

(+) SRPT, Rival GlaxoSmithKline ( GSK ) reports disappointing clinical data for its drug candidate to treat Duchenne Muscular Dystrophy, which analysts at R.W. Baird said puts SPRT ahead in the race to first market a drug for the rare, muscle-wasting disorder.

(-) MNKD, Shares reverse early gains and fall on likely dilution concerns after saying recent clinical success for its Afrezza inhalable insulin treatment triggered the purchase of a second $40 million tranche of 9.75% senior secured convertible notes by Deerfield Management.



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This article appears in: Investing , Commodities

Referenced Stocks: DRRX , GSK , PFE , PTIE

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