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Health Care Sector Update for 01/31/2017: CORT,AEZS,TENX

Top Health Care Stocks

JNJ -0.19%

PFE +0.37%

MRK +0.71%

ABT +0.61%

AMGN +0.32%

Health care stocks were mostly higher Tuesday after the White House promised less regulation and more competition for drugmakers during a meeting today with industry executives. The NYSE Health Care Index was gaining about 0.6% in recent trading while shares of health care companies in the S&P 500 were up about 0.7% as a group.

In company news, Corcept Therapeutics Inc ( CORT ) fell Tuesday despite the specialty drugmaker last night reporting GAAP Q4 financial results exceeding the analyst consensus and forecasting in-line revenue for this year.

On a GAAP basis, the company earned $0.04 per share during the three months ended Dec. 31, improving on a $0.01 per share profit during the comparable quarter last year and also beating the three-analyst consensus call looking for $0.02 per share. Revenue increased 59% over year-ago levels to $23.8 million and topping the $23.46 million Street view by a narrow margin.

For FY17, the company is expecting to generate between $115 million to $125 million in revenue, up from around $81.3 million in FY16 revenue and bridging the $124.03 million Street view.

CORT shares were down 5% at $7.03 apiece, recovering somewhat from a prior dip as low as $6.70 a share earlier today.

In other sector news,

(+) AEZS, (+23.5%) Expects to present positive trial results in April after today saying it has completed phase III testing of ZoptEC drug candidate in women with certain forms of endometrial cancer.

(-) TENX, (-74.9%) Levosimendan drug candidate fails to produce statistically significant reduction in patient deaths or dialysis use after 30 days in patients during cardiac surgery at risk of low cardiac output syndrome.

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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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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