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Sector Update: Healthcare

By: MT Newswires
Posted: 11/5/2013 1:15:00 PM
Referenced Stocks: IMGN

Healthcare stocks are mostly lower, with the NYSE Healthcare Sector Index retreating about 0.5% and shares of healthcare companies in the S&P 500 declining 0.3% as a group.

In company news, ImmunoGen Inc. ( IMGN ) is down more than 20% at $13.15 a share after the drug-maker said it was stopping Phase II testing of its IMGN901 prospective treatment for small-cell lung cancer after trial results showed the drug didn't improve survival rates.

The trial was halted at the recommendation of the Independent Data Monitoring Committee, which also said all patients should discontinue treatment.

In other sector news,

(+) CYTX, (+70.6%) Inks deal with Lorem Vascular to commercialize Cytori Cell Therapy for the cardiovascular, renal and diabetes markets in China, Hong Kong, Malaysia, Singapore and Australia. Lorem committed to pay up to $531 mln in licensing fees.

(-) GTIV, (-13.1%) Q3 earnings of $0.15 per share, ex items, trailing analyst projections by $0.07. Revenue fell 3.3% year over year to $410.5 mln, mising the Capital IQ consensus by $4.56 mln. Sees FY13 EPS in-line with estimates.