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Health Care Sector Update for 07/13/2016: ITEK,IMPR,AVGR


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Health care stocks put up small gains on Wednesday, with the NYSE Health Care Index adding about 0.2% while shares of health care companies in the S&P 500 were up about 0.1% as a group.

In company news, Inotek Pharmaceuticals ( ITEK ) was slumping ahead of today's closing bell after the drug-maker late Tuesday said it has begun Phase II testing of fixed-dose combinations of trabodenoson and latanoprost to treat glaucoma and other eye diseases.

Trabodenoson is the company's lead drug candidate and has shown during prior testing to reduce intraocular pressure, which is one of the leading risk factors for glacoma. Latanoprost is a naturally occurring substance that also works to reduce pressure within the eye and is currently the most commonly prescribed drug to treat glaucoma but typically requires another prostaglandin to maintain the lowered eye pressures.

The new trial will test three combination levels - 6% trabodenson and 0.005% latanoprost; 3% trabodenson and 0.005% latanoprost; and 3% trabodenson and 0.0025% latanoprost - as well as 0.005% and 0.0025% latanoprost alone. Initial trial results are expected next year, the company said.

ITEK shares recently were down nearly 7% at $7.94 apiece, climbing slightly above their their session low of $7.81 a share.

In other sector news,

(+) IMPR, Agrees to be acquired by private equity firm Thoma Bravo for $544 mln, or $19.25 a share in cash, a 33% premium over Tuesday's closing price.

(-) AVGR, Sees Q2 revenue rising 57% over last year to $4.7 mln, trailing Street view by at least $1 mln. Cuts projected FY16 revenue to $19 mln to $24 mln, down $6 mln from prior view and lagging analyst consensus by at least $4.3 mln.

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: AVGR



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