Top Health Care Stocks
Health care stocks were broadly higher, with the NYSE Health Care Sector Index advancing 0.6% and shares of health care companies in the S&P 500 up 0.6% as a group.
In company news, Geron Corp ( GERN ) advanced Tuesday after the biotech company working on new cancer treatments received an Outperform rating in new coverage today at Oppenheimer, which also set a $5.50 price target for the stock.
In a new research note, the Oppenheimer analysts touted the company's imetelstat drug candidate, writing the telomerase inhibitor has "paradigm-changing potential." The analysts also like the company's recent move to license and commercialize imetelstat with Johnson & Johnson's ( JNJ ) Janssen pharmaceutical unit, expecting the deal to "drive (GERN's) share price" this year.
GERN shares were up about 3% at $4.26 each, staying within 21 cents of its session high. The stock has traded within a 52-week range of $1.60 to $4.49 a share, already rising more than 119% over the past 12 months before Tuesday's advance.
In other sector news,
(+) MYL, (+8.0%) Teva makes unsolicited $40 bln offer for rival generic drug manufacturer. The TEVA bid values MYL at $82 per share, a 21 premium over Monday's closing price for the stock.
(-) NVGN, (-30.1%) Announces private placement of 51 mln shares of its ordinary stock, generating around $15 mln in gross proceeds. Deal also includes six-month option to buy another 51 mln shares as well as 15.5 mln shares available under five-year options.
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