Health Care Sector Update for 05/17/2016: CHRS,ABBV,CYTX,AEGR

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Top Health Care Stocks

JNJ -0.65%

PFE -1.24%

MRK -1.52%

ABT -0.75%

AMGN -2.15%

Health care stocks were mostly lower this afternoon, with the NYSE Health Care Index posing a 1.0% retreat while shares of health care companies in the S&P 500 were down 1.3% as a group.

In company news, shares of AbbVie ( ABBV ) and Coherus BioSciences ( CHRS ) were speeding in opposite directions Tuesday after the U.S. Patent Trial and Appeal Board sided with Coherus in the companies' fight over the patents underlying AbbVie's Humira rheumatoid arthritis treatment.

Humira is AbbVie's best selling drug with around $14 in yearly sales, or about 61% of the company's total sales. Coherus in January unveiled plans to market a biosimilar version of Humira and CEO Denny Lanfear today said he was confident the patent office decision "will lead to a final decision nullifying" the AbbVie patent.

Specifically, the patent and appeals panel accepted Coherus' petition for an inter partes review of AbbVie's U.S. Patent 8,889,135 and an indication for twice-monthly subcutaneous injections to treat rheumatoid arthritis. The review is expected to take about a year and AbbVie could delay an unfavorable decision by another year by asking for an appeal.

CHRS shares were up almost 16% at $18.85 apiece, earlier climbing to a session high of $20.00 a share. ABBV shares were down over 4% at $59.75 each, rebounding from an earlier decline as low as $58.50 a share.

In other sector news,

(+) CYTX, Discloses plans to present an update on use of its Cytori CEll Therapy in the French SCLERADEC I and II clinical trials.

(-) AEGR. Swings to Q1 adjusted net loss of $1.72 per share, reversing $0.06 per share profit last year and exceeding expectations for a $0.27 per share loss. Revenue falls 39.9% to $35.7 mln, also lagging $43 mln consensus call.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , US Markets
Referenced Symbols: ABBV , CHRS , CYTX ,

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