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Health Care Sector Update for 09/29/2016: ARWR,AMGN,AEGR,ITCI


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Top Health Care Stocks

JNJ -1.52%

PFE -1.75%

MRK -1.77%

ABT -2.04%

AMGN -2.37%

Health care stocks were sharply lower today near Thursday's close, with the NYSE Health Care Index dropping nearly 1.8% while shares of health care companies in the S&P 500 were down about 1.6% as a group.

In company news, Arrowhead Pharmaceuticals ( ARWR ) was hanging on to 3% rise shortly before Thursday's closing bell and the drugmaker today announcing a pair of license and collaboration agreements with Amgen ( AMGN ) to commercialize Arrowhead's genetic interference technology to treat cardiovascular disease.

Under the terms of the agreements, Arrowhead will receive a combined $35 million in upfront payments in addition to a $21.5 million equity investment in the company by Amgen. Arrowhead also is eligible for up to $617 million in future payments as the product candidates reach certain development, regulatory and sale milestones.

ARWR shares were up slightly more than 4% at $7.33 each, climbing off a session low of $7.24 in recent trade.

AMGN was down almost 2.5% in late trade at $165.49 apiece, maintaining a 13-cent cushion above their session low.

In other sector news,

(+) AEGR, Japanese regulators approve Juxtapid capsules for the treatment of homozygous familial hypercholesterolemia.

(-) ITCI, ITI-007 drug candidate fails to improve schizophrenia symptoms better than a placebo or risperidone control drug at several test sites. JMP Securities cuts rating to Market Perform; RBC Capital lowers price target by $25 to $49 a share.

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: ARWR , AMGN , ITCI



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