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Health Care Sector Update for 06/23/2017: AVEO,CARA,OCUL

Top Health Care Stocks

JNJ -0.16%

PFE +0.15%

ABT +0.04%

MRK +0.28%

AMGN -1.23%

Health care stocks have turned slightly lower this afternoon, with the NYSE Health Care Index falling about 0.1%, giving back an earlier narrow advance, while shares of health care companies in the S&P 500 were down nearly 0.3% as a group.

In company news, AVEO Oncology ( AVEO ) jumped out to an 18-month high on Friday, with shares of the specialty drugmaker climbing to their best price since December 2015 at $1.38 each after an advisory panel in Europe this week recommended the company's tivozanib medication be approved as a treatment for patients with advanced renal cell carcinoma.

The positive decision by the Committee for Medicinal Products for Human Use ( AVEO ) now moves to the European Commission ( EC ), which typically follows the committee's recommendations. A final decision is expected in around 67 days, the company said.

European Commission marketing approval will trigger a $4 million to AVEO Oncology from EUSA, its partner commercializing tivozanib throughout the region. It also is eligible for up to $12 million in additional milestone payment following reimbursement decisions from individual member states and other regulatory nods.

In other sector news,

(+) CARA, (+10.2%) The company's IV CR845 drug candidate win FDA designation as a breakthrough therapy to treat moderate-to-severe uremic pruritus in patients with chronic kidney disease undergoing hemodialysis.

(-) OCUL, (-12.0%) Names Antony Mattessich to succeed Dr. Amar Sawhney as CEO, effective on or before Sept 30.

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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