Top Health Care Stocks
Health care stocks extended their declines this afternoon, including a nearly 0.9% slumpfor the NYSE Health Care Index in recent trade. Also today, shares of health care companies in the S&P 500 were down almost 0.8% as a group while the Nasdaq Biotechnology index was slipping about 0.1% today.
Among health care stocks moving on news:
+ Cymabay Therapeutics ( CBAY ) jumped out to a 24% gain on Wednesday after the biopharmaceuticals company reported positive results from Phase II testing of its seladelpar drug candidate in patients with primary biliary cholangitis, saying the prospective treatment for chronic liver disease demonstrated potent and sustained anti-cholestatic and anti-inflammatory efficacy over 26 weeks of administration. The trial results also support the potential for improved efficacy and better tolerability over existing second-line therapies and will be presented at the International Liver Congress starting today in Paris. Based on the positive results, Cymabay said it now plans to begin Phase III testing of seladelpar during the second half of 2018.
In other sector news:
+ TherapeuticsMD ( TXMD ) rose almost 6% after saying it was negotiating with the U.S. Food and Drug Administration on the proposed labeling for the company's TX-004HR applicator-free estradiol vaginal softgel capsule to treat moderate-to-severe vaginal pain during sexual intercourse. The drug candidate previously received a May 29 target action date under the the Prescription Drug User Fee Act.
- Alexion Pharmaceuticals ( ALXN ) fell as much as 2% on Wednesday after the specialty drugmaker made an $855.1 million takeover offer for Wilson Therapeutics, a Swedish health care company specializing in treatments for patients with rare copper-mediated disorders. An Alexion subsidiary has started a SEK7.1 billion cash tender offer seeking to acquire all of Wilson's shares at SEK232 apiece, with the deal already receiving support from four of Wilson's largest individual shareholders and representing over 57% of its outstanding stock. The transaction is expected to close later in Q2.
- Biolase ( BIOL ) retreated Wednesday, dropping over 13%, after saying chief financial officer John Beaver will move up to take the CEO post on an interim basis after Harold Flynn resigned as chief executive and a board member to pursue other interests. The manufacturer of dental and surgical lasers also said board chairman Jonathan Lord will lead an exploration of the company's strategic alternatives.