Health Care Sector Update for 06/07/2016: SRPT,LDRH,ZBH,VRX

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Top Health Care Stocks

JNJ +0.24%

PFE +0.03%

MRK -0.08%

ABT +0.06%

AMGN -0.50%

Health care stocks were mixed this afternoon, with the NYSE Health Care Index rising around 0.1% while shares of health care companies in the S&P 500 were down nearly 0.4% as a group.

In company news, Sarepta Therapeutics ( SRPT ) rallied Tuesday after U.S. regulators requested additional information for its experimental treatment for Duchenne muscular dystrophy, potentially setting the stage for its eventual approval.

In particular, the U.S. Food and Drug Administration is asking Sarepta to provide dystrophin data from biopsies already obtained from an ongoing confirmatory study of its eteplirsen drug candidate. The company will submit data from 13 patient biopsy samples at baseline levels and after 48 weeks, adding it expects the additional data will "facilitate a prompt decision" by the agency on its new drug application for eteplirsen.

SRPT shares were up almost 25% at $20.05 apiece, jumping to a session high of $21.88 a share soon after today's opening bell.

In other sector news,

(+) LDRH, (+63.5%) Agrees to $1 bln buyout offer from Zimmer Biomet Holdings ( ZBH ), which will pay $37 in cash for each LDRH share, a 63.8% premium over Monday's closing price.

(-) VRX, (-14.6%) Q1 EPS of $1.27 misses Street view by $0.10 per share. Revenue climbs 9.3% to $2.37 bln, beating the $2.34 bln consensus. Lowers FY16 forecast for earnings, revenue below analyst expectations.

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: SRPT , ZBH ,

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