Markets

Health Care Sector Update for 03/23/2015: IMGN,CAPN,MEIP

Top Health Care Stocks

JNJ +0.71%

PZE +3.01%

MRK +0.48%

ABT +0.39%

AMGN -2.06%

Health care stocks were mixed with the NYSE Health Care Sector Index ahead over 0.5% while shares of health care companies in the S&P 500 were down less than 0.1% as a group.

In company news, ImmunoGen Inc. ( IMGN ) rallied Monday after the biotech company said it has licensed its ADC technology to Takeda ( TKPYY ), allowing the Japanese pharmaceutics company to develop and commercialize targeted anticancer therapies for up to two undisclosed targets.

Under terms of the deal, IMGN will receive a $20 million upfront fee for each target and up to $210 million in additional fees plus royalties on net sales of any ADC products. The agreement also allows TKPYY for a third target by paying an additional $20 million upfront fee.

The company said it was not updating its FY15 financial guidance at this time. TKPYY also will be responsible for the development, manufacturing and marketing of any ADC products resulting from this agreement.

IMGN shares were up nearly 18% at $8.78 a share, earlier climbing to a session high of $9.25 a share. The stock has traded within a 52-week range of $5.34 to $16.09 a share, falling almost 51% over the past 12 months prior to today's rise.

In other sector news,

(+) CAPN, (+26.8%) Initiated with Buy rating and a $9 price target in new coverage today at the Maxim Group.

(-) MEIP, (-67.1%) Pracinostat drug candidate fails to meet primary goal of statistically significant improvement in overall survival in patients with myelodysplastic syndrome than patients treated with azacitidine alone during Phase II testing.

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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