Healthcare stocks were lower today with the NYSE Healthcare
Sector Index off about 0.5% while shares of healthcare companies in
the S&P 500 sliding about 0.6% as a group.
In company news, Insmed (
) shares shot higher Tuesday after the drug company released
positive new data from Phase II testing of its Arikayce inhalant
for patients with treatment-resistant non-tuberculous mycobacterial
According to the company, the number of Arikayce-treated
patients with negative cultures increased to 21 out of 68 patients
on the 168th day of the trial compared with the double-blind phase
of the trial that saw 11 out of 44 patients treated with Arikayce
having negative cultures on Day 84.
U.S. and European regulators previously designated Arikayce with
Orphan Drug status to treat lung infections and it also has
received Fast Track and Qualified Infectious Disease Product
designations from the FDA.
Full results from the mid-stage trial were scheduled for
presentation later today at the American Thoracic Society's annual
meeting in San Diego.
INSM shares were up nearly 9% at $14.26 each shortly before the
closing bell, earlier climbing to a session high of $15.21 a share.
The stock has a 52-week range of $9.00 to $22.29 a share, rising
just over 22% over the past 12 months.
In other sector news,
(+) OPHT, Inks commercialization pact with Novartis (
) for its treatment for wet age-related macular degeneration, with
the potential to pocket as much as $1 billion in upfront and
milestone payments before receiving any potential royalties.
(-) GSK, A state-run newspaper, Legal Daily, accuses the company
of evading around $16 mln in sales taxes for its HIV treatment as
part of a broader probe into possible improprieties by company
officials in China, Bloomberg reports.
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