Health Care Sector Update for 02/29/2016: DEPO,ALXA,IPCI
Top Health Care Stocks
Health care stocks were mostly lower today, with the NYSE Health Care Index dropping 1.3% while shares of health care companies in the S&P 500 also were down 1.3% as a group.
In company news, DepoMed ( DEPO ) declined Monday despite the drugmaker today announcing positive top-line results from Phase IIb testing of its GRT6005 drug candidate.
According to the company, all three doses of GRT6005 resulted in clinically significant improvements in pain compared to placebo, with the validity of the trial confirmed by the results associated with the active comparator.
Results from additional Phase II trials as well as human abuse potential and respiratory depression studies are anticipated to be presented at upcoming scientific conferences later this year
DEPO shares were down almost 7% at $15.26 each, previously sinking as low as $15.23 a share.
In other sector news,
(+) ALXA, Confirms receiving non-binding letter of intent for Grupo Ferrer, which is seeking to acquire all outstanding common Shares of the company.
(-) IPCI, Reports Q4 net loss of $7.4 mln, or $0.31 per share, compared to a $3.9 mln loss, or $0.17 per share. Revenue declines to $4.1 mln $8.8 mln last year. No estimates available for comparison.
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