Sector Update: Healthcare

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Healthcare stocks ended lower Wednesday with the NYSE Healthcare Sector Index declining about 0.4% and shares of healthcare companies in the S&P 500 falling about 0.3% as a group.

In company news, Sangamo BioSciences Inc. ( SGMO ) closed lower Wednesday despite mostly positive preclinical data demonstrating gene correction in SCID-X1 human hematopoietic stem cells published today in a professional journal.

The company announced the publication in Nature of data demonstrating efficient zinc finger nuclease-mediated, targeted gene insertion that resulted in correction of the genetic defect in stem cells from an individual with X-linked severe combined immunodeficiency (SCID-X1).

Importantly, the study demonstrates that the treatment successfully targets a class of hematopoietic stem cells (HSCs) that are responsible for the long term repopulation of the bone marrow following transplant. The data support the clinical translation of this approach for SCID-X1, other immunodeficiencies and monogenic diseases.

Shares were off 1.6% at $13.33 each, closing just 2 cents above their intra-day low.

In other sector news,

(+) MDXG, Boosts FY14 revenue outlook by $10 mln over prior forecast to new range of $100 mln to $110 mln, in-line with $100.44 mln consensus. Raises bottom of Q2 guidance by $1 mln to a range of $22.5 mln to $23.5 mln, matching Street view looking for $23.06 mln.

(-) AGN, Valeant Pharmaceuticals (VRX,VRX.TO) raises cash component of its buyout offer by $10 a share, increasing overall bid to $49.44 mln. New bid also includes contingent value rights that could add as much as $7.6 million to the deal.



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This article appears in: Investing , Commodities

Referenced Stocks: SGMO

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