Top Health Care Stocks
Health care stocks were padding their earlier gains with the NYSE Health Care Sector Index rising 1.3% and shares of health care companies in the S&P 500 adding 1.1% as a group.
In company news, Can-Fite BioPharma Ltd. ( CANF ) rose Wednesday after the Israeli specialty drugmaker said the U.S. Patent and Trademark Office has approved its application to patent the manufacturing process for its CF101 drug candidate.
The Notice of Allowance covers Can-Fite's process of synthesizing the active ingredient in CF101, an anti-inflammatory medicatoin being developed to treat certain types of arthritis and bowel diseases. The patent, once issued, will have an initial 13-year term.
CANF shares were up more than 3% at $2.37 each, earlier climbing to a session high of $2.84 a share. The stock has traded within a 52-week range of $1.85 to $5.83 a share, falling more than 42% over the past 12 months through Tuesday's close.
In other sector news,
(+) OGEN, Forms exclusive channel collaboration with Intrexon ( XON ) to develop new biotherapeutics for oral mucositis and other ear, nose and throat ailments.
(-) GBIM, Announces plans to soon lay off much of its 22 remaining employees to save money after its GS-4774 drug candidate to treat hepatitis B recently failed to meet its primary endpoint during Phase II testing.
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