Top Health Care Stocks
Health care stocks were edging lower in recent trading, with the NYSE Health Care Index slipping about 0.1% while shares of health care companies in the S&P 500 were down less than 0.2% as a group.
In company news, Ardelyx ( ARDX ) sped to a 60% gain in early Thursday trading, topping out at $8.65 a share, after the biopharmaceuticals company last night said its tenapanor drug candidate showed statistical significance compared with a placebo in patients with study of for irritable bowel syndrome with constipation during a second Phase III trial.
According to the topline results last night, 36.5% of the tenapanor-treated patients in the trial experienced at a reduction in abdominal pain of at least 30% and an increase of one or more complete spontaneous bowel movements during the same week compared with a 23.7% response rate in the patients receiving a placebo. It also met all secondary endpoints of the trial and was well-tolerated in the treated patients
Citing the positive late-stage trial results, analysts at Ladenburg Thalmann raised their price target for Ardelyx shares by $2.50 to $19 apiece while Cantor Fitzgerald increase its price target for the stock by $2 to $14.
In other sector news,
(+) INFI, (+96.9%) Selected to make a late-breaking presentation of safety and activity data from Phase I/Ib testing of its IPI-549 PI3K-gamma inhibitor as a monotherapy and in combination with Opdivo, a PD-1 immune checkpoint inhibitor, at the 2017 Society for Immunotherapy of Cancer annual meeting next month and prompting a Wells Fargo upgrade to Outperform from Market Perform.
(-) ACRX, (-58.6%) U.S. Food and Drug Administration issues a complete response letter stating the agency cannot approve the new drug application for Dsuvia in its present form. The FDA provided recommendations needed for the company to resubmit the application for the synthetic opioid analgesic for use in a medically supervised setting.