Healthcare Stocks Finishing in the Red; Insmed Climbs to 4-Year High on U.S., EU Patent Grants
Top Healthcare Stocks
Healthcare stocks are lower with the NYSE Healthcare Sector Index falling 0.4% and shares of healthcare companies in the S&P 500 sliding about 0.2% as a group.
In company news, Insmed Inc. ( INSM ) is up nearly 8% at $16.14 a shares, earlier soaring to its highest level in more than four years at $16.27 after the biopharmaceutical company said it has been awarded new patent allowances in the U.S. and Europe for its ARIKACE lung-infection treatment.
INSM said the U.S. Patent and Technology Office intends to grant it a patent that will provide exclusivity for its once-daily inhalation formulation through at least Dec. 5, 2026. Meanwhile, the European Patent Office intends to grant it a patent that will provide exclusivity at least through Oct. 29, 2023.
In other sector news,
(+) NBS, Shares climb to best levels since July 2011 after cellular-therapy company receives $147,765 grant to fund scleroderma studies that could eventually fetch another $1.5 mln in grant funding.
(-) PLX, Announces plans for a $60-mln private placement of convertible notes due 2018. Net proceeds will fund clinical trials of its product candidates as well as research and development.