Markets

Health Care Sector Update for 01/30/2017: RGLS,CALA,INCY

Top Health Care Stocks

JNJ -0.25%

PFE -0.35%

MRK +0.20%

ABT -0.50%

AMGN -1.78%

Health care stocks were moderately lower late Monday, with the NYSE Health Care Index dropping about 0.5% while shares of health care companies in the S&P 500 were down almost 0.6% as a group.

In company news, Regulus Therapeutics ( RGLS ) shares tumbled to a record low on Monday after federal regulators delivered written notice that the biotech company's RG-101 drug candidate remains on clinical hold.

The U.S. Food and Drug Administration notice triggered several analyst downgrades today, with Needham & Co lowering its rating for the company's stock to Hold from Buy while Wells Fargo cut Regulus to Market Perform from Outperform.

RGLS shares were down over 43% in late trade at $1.28 after earlier sliding to a worst-ever $1.05 a share.

In other sector news,

(+) CALA, Announces global collaboration with Incyte ( INCY ) to develop and commercialize CB-1158 drug candidate, with Calithera receiving a $45 mln up-front payment in addition to an $8 mln equity investment.

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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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