Top Health Care Stocks
Health care stocks were finishing with large declines, including a more than 1.1% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down almost 0.9% as a group while the Nasdaq Biotechnology index still was slipping more than 2.8% today.
Among health care stocks moving on news:
(-) Mallinckrodt ( MNK ) slumped over 17% on Thursday after U.S. regulators approved a generic version of the drugmaker's Inomax gaseous medication to improve oxygenation in newborns with hypoxic respiratory failure. The U.S. Food and Drug Administration's approval late Tuesday of Praxair's ( PX ) Noxivent generic nitric oxide treatment could eventually take a large bite out of Mallinckrodt's Inomax sales, which generated $131 million - or nearly 21% - of the company's $631.7 million in Q2 sales. PX shares fell nearly 2% today.
In other sector news:
(+) Acasti Pharma Inc. (ACST,ACST.V) climbed as much as 18% on Thursday despite a 20-minute trading halt for the Canadian biotech company earlier this morning and the company also pricing a $16.6 million public offering of 16.6 million shares at $1 apiece, marking an 18% discount to Wednesday's closing price. It also issued a 30-day overallotment option to the underwriters to buy up to 2.49 million more shares. Net proceeds will fund Phase III testing of the company's CaPre drug candidate in patients with hypertriglyceridemia, or elevated levels of triglycerides in the blood stream.
(-) Alnylam Pharmaceuticals ( ALNY ) was down almost 3% Thursday afternoon despite the company saying its lumasiran drug candidate showed potential as a prospective treatment for primary hyperoxaluria type 1, a rare condition characterized by recurrent kidney and bladder stones. During Phase I/II testing, Lumasiran demonstrated a mean maximal reduction in urinary oxalate, Alnylam said, adding patients also experienced a 76% mean maximal drop in their ratio of urinary oxalate to creatinine.
(-) Tilray Inc ( TLRY ) dropped more than 10% earlier Thursday after the medical and recreational cannabis grower late Wednesday disclosed plans for a $400 million private placement of convertible senior notes due 2023. Net proceeds from the upcoming offering will be used to repay a $9.1 million mortgage loan with the remaining funds used for general corporate purposes, including potential acquisitions.