Markets

Health Care Sector Update for 04/21/2016: SRPT,CBAY,TRXC

Top Health Care Stocks

JNJ -0.45%

PFE -0.09%

MRK -0.65%

ABT -0.14%

AMGN +0.52%

Health care stocks were mixed in afternoon trade, with the NYSE Health Care Index declining 0.2% while shares of health care companies in the S&P 500 were up about 0.3% as a group.

In company news, Sarepta Therapeutics ( SRPT ) plunged Thursday, losing nearly nearly half of its former value today after U.S. regulators again questioned the efficacy of the company's drug candidate to treat a fatal form of muscular dystrophy.

The U.S. Food and Drug Administration today released documents on the company's drug candidate eteplirsen ahead of an advisory panel review of the prospective treatment of Duschenne muscular dystrophy scheduled early next week, with the full agency expecting to issue a final decision by May 26.

The agency maintained its negative outlook for the drug in the document, criticizing the drug's efficacy as well as the design and measurement used in a recent clinical trial of eteplirsen. The FDA in February delayed its decision by three months in order to have more time to review new trial data submitted by the company.

SRPT shares were down nearly 45% at $10.92 apiece in late trade, dropping as low as $10.51 a share during today's trading.

In other sector news,

(+) CBAY, Abingworth Funds discloses 6.8% passive stake, buying 1.6 mln shares, according to SC 13G filing with securities regulators last night.

(-) TRXC, FDA determines that the company's SurgiBot System does not meet the criteria for substantial equivalence.

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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