Top Health Care Stocks
Health care stocks were moving higher Tuesday afternoon, including a nearly 0.5% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were up more than 0.9% as a group while the Nasdaq Biotechnology index was posting a more than 1.5% advance.
Among health care stocks moving on news:
+ Pain Therapeutics ( PTIE ) jumped out to a 16-month high on Tuesday, reaching its best price since August 2016 at $12.80 a share, after the specialty pharmaceuticals company issued positive late-stage trial results for its Remoxy drug candidate. The abuse-deterrent, extended-release oxycodone formulation met its primary endpoint during phase III testing, significantly reducing the abuse potential by non-addicted recreational oxycodone users attempting to ingest the painkiller nasally. The latest round completed all of the testing needed for Remoxy prior to resubmitting it to the US Food and Drug Administration for review and the company said it expects to soon file its new drug application with the agency.
In other sector news:
+ Pluristem Therapeutics ( PSTI ) rallied after federal regulators cleared its Expanded Access Program for patients with critical limb ischemia, allowing the use of its investigational PLX-PAD cell treatment outside of clinical trials and where patients are often unsuitable for inclusion under study protocols.
+ Orthofix International ( OFIX ) advanced Tuesday after the medical device company reported preliminary Q4 sales activity beating Wall Street expectations. Sales rose 7.7% during the three months ended Dec. 31 to $117 million, topping the $112.3 million analyst mean. It also sees FY18 sales growing 4% to 5% over prior-year levels to a range of $450 million to $455 million, also topping the Street view by at least $1.7 million.
- Acuity Brands ( AYI ) declined after reporting below-consensus fiscal Q1 financial results. It earned $1.94 per share, missing the Capital IQ consensus by $0.08 per share. Revenue fell 1% to $842.8 million, also trailing the $883.3 million Street call.