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Sector Update: Healthcare

By: MT Newswires
Posted: 6/10/2014 3:17:00 PM
Referenced Stocks: RCPT;AGN

Healthcare stocks were mixed with the NYSE Healthcare Sector Index rising about 0.3%.

In company news, Receptos ( RCPT ) shares were set to finish with strong gains Tuesday after the drug-maker reported positive results from Phase II testing of its RPC1063 drug candidate to treat multiple-sclerosis drug.

The company said the experimental drug met its primary endpoint of reducing MRI brain lesion activity in patients with relapsing multiple sclerosis. The overall safety profile was consistent with the results of prior trials and continues to support the differentiation of RPC1068 against other oral agents now on the market or in clinical development.

RCPT shares last traded at $39.44 each, earlier climbing to a session high of $40.94 a share. The stock has a 52-week range of $15.21 to $55.00 a share, rising 106% over that 12-month span.

In other sector news,

(+) ACHN, FDA lifts clinical hold on sovaprevir, allowing the drug-maker to conduct trials on the prospective hepatitis C treatment. The drug was well-tolerated during two previous Phase II trials, ACHN said.

(-) VRX, Allergan ( AGN ) again rejects sweetened, $53 bln buyout offer, with Valient and Pershing Square Management raising their bid another 15% to $72 a share in cash and 0.83 of a VRX share - or $177.10 a share, overall.