Markets

Health Care Sector Update for 06/02/2016: DERM,PPHM,MBII

Top Health Care Stocks

JNJ +1.04%

PFE +0.26%

MRK +0.13%

ABT +0.59%

AMGN +0.46%

Health care stocks were broadly higher, with the NYSE Health Care Index jumping almost 0.9% while shares of health care companies in the S&P 500 were up more than 0.7% as a group.

In company news, Dermira ( DERM ) shares fell Thursday, giving back initial gains that initially followed the biotech company's saying its experimental treatment for excessive underarm sweating was successful during a pair of late-stage studies.

The company said its DRM04 drug candidate met both of its co-primary endpoints and all of its secondary endpoints during Phase III testing, adding it now plans to submit a new drug application to U.S. regulators for the potential approval of DRM04. It expects a decision from the U.S. Food and Drug Administration during the second half of 2017, pending a successful completion of an open-label trial assessing the long-term safety of the drug.

DERM shares were down more than 4% at $30.70 each, dropping as low as $30.54 a share following an early 6% jump to $34.00 soon after the opening bell.

In other sector news,

(+) PPHM, (+29.1%) Forecasts contract manufacturing revenue between $50 mln to $55 mln during FY17, up from $44 mln during FY16 and $26.7 mln during FY15.

(-) MBII, (-9.7%) Obtains waiver from the lenders of its $40 mln senior secured promissory notes last year terminating requirements the company maintain a cash balance of at least $15 mln.

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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