Sector Update: Healthcare


Healthcare stocks were slightly higher in late Thursday trading with the NYSE Healthcare Sector Index adding about 0.1% and shares of healthcare companies in the S&P 500 climbing almost 0.3% as a group.

In company news, BIND Therapeutics ( BIND ) retreated Thursday, with its stock falling by double digits after the biotechnology company said it was ending a partnership using its nanotechnology platform and an Amgen ( AMGN ) compound to develop targeted cancer therapies, saying the results "were not sufficiently compelling to proceed forward."

The companies began a 12-month partnership in January 2013 and this week notified each other they would not be exercising options to develop an Accurin using the AMGN therapeutic payload following a six-month extension signed late last year to allow for completion of the research plan.

Instead, BIND said it will continue work on its nanotech platform and its proprietary BIND-014 drug candidate along with its collaborations with AstraZeneca ( AZN ), Pfizer ( PFE ) and Roche ( RHHBY ).

BIND shares were off more than 11% at $11.46 apiece shortly before today's early close, rebounding somewhat from a morning slump to $11.02 a share. The stock has traded in a lifetime range of $8.00 to $15.89 a share, declining around 14% through Wednesday's close since pricing its initial public offering at $15 a share last September.

AMGN recently was up 1.2% at $121.52 a share.

In other sector news,

(+) ACT, (+0.2%) Sells two generic products - Ursodiol, marketed under an Abbreviated New Drug Application, and Lamotrigine, another approved ANDA but not yet marketed - to Impax Laboratories (IPXL) for undisclosed amount of cash.

(-) RGDO, (-59.3%) Data Safety Monitoring Board begins "unplanned review" of data from a trial of its REG1 anticoagulant drug. Company suspends patient enrollment until the panel returns with its recommendations. Cut to Underperform from Outperform at Wedbush.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BIND , AMGN , AZN , PFE , RHHBY

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