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Health Care Sector Update for 05/03/2016: CORI,SSRG,CUR

Top Health Care Stocks

JNJ +0.14%

PFE +3.11%

MRK -1.03%

ABT +0.05%

AMGN -1.14%

Health care stocks have turned slightly higher this afternoon, with the NYSE Health Care Index climbing 0.1% while shares of health care companies in the S&P 500 were up more than 0.2% as a group.

In company news, Corium International Inc. ( CORI ) rose Tuesday after the biotech company received favorable written feedback from the federal regulators on its pre-investigational new drug application for a once-weekly formulation of its Corplex Donepezil transdermal treatment for Alzheimer's disease.

The U.S. Food and Drug Administration review included summary results from a Phase I pharmacokinetic study for the transdermal delivery system, with the agency saying if Corium can adequately demonstrate bioequivalence between its patches and Pfizer's ( PFE ) Aricept oral pills, additional efficacy testing will not be required.

CORI shares were up nearly 10% at $5.21 apiece, backing down from a prior run to $5.71 a share.

In other sector news,

(+) SSRG, (+24.5%) Agrees to $140.3 mln buyout offer from RoundTable Healthcare Partners, which will pay $13.10 for each SSRG share, a 26% premium over Monday's closing price. Deal slated to close by mid-summer.

(-) CUR, (-40.7%) Prices $8 mln public offering of 20 mln shares of its common stock at 40 cents each, a 32% discount to yesterday's closing price.

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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