Top Health Care Stocks
Health care stocks were most higher Thursday, including a nearly 1.0% gain for the NYSE Health Care index in the afternoon. Shares of health care companies in the S&P 500 index were climbing over 1.0% as a group while the Nasdaq Biotechnology indx also was 1.0% higher.
Among health care stocks moving on news:
- Zynerba Pharmaceuticals ( ZYNE ) tumbled over 20% at one point on Thursday but has since pared almost three-quarters of that decline after the drugmaker said top-line results from an early stage trial showed its ZYN001 transdermal patches failed to reach the primary endpoint of delivering between 5 to 15 nanograms per milliliter of tetrahydrocannabinol into the bloodstream in patients with Tourette syndrome. As a results of phase I results, Zynerba said it will instead focus its development efforts and investments on its ZYN002 prospective treatment for Fragile X syndrome, developmental and epileptic encephalopathy ( DEE ) and adult refractory epilepsy programs. The company had about $52.1 million in cash on hand at the end of its January-to-March reporting period, which it said should be sufficient to to fund operations and capital expenses into the second half of 2019.
In other sector news:
+ Cellect Biotechnology ( APOP ) was up almost 4% Thursday after the Israeli regenerative medicine company said it has signed a collaboration and material transfer agreement with the denovoMATRIX group of the Technische Universit t Dresden, one of the leading centers for stem cell research in Germany. Under terms of the agreement, the parties will explore the potential synergies between Cellect's ApoGraft and the denovoMAtrix technologies, with a denovoMATRIX scientist also conducting a series of experiments at Cellect's research and development facility in Israel.
+ AzurRx BioPharma ( AZRX ) was holding steady with a slightly more than 1% gain on Thursday, giving back an early 2% rise that followed the early stage biologics company late Tuesday disclosing plans for a mixed shelf offering seeking to generate up to $50 million in proceeds through one or more offerings of common or preferred stock, warrants or equity units. The company expects to use net proceeds from any future offering for general corporate purposes, including research and development, working capital and capital expenditures.