Top Health Care Stocks
Health care stocks were leading the U.S. markets higher today, with the NYSE Health Care Index rising nearly 1.2% while shares of health care companies in the S&P 500 were up almost 1.4% as a group.
In company news, bluebird bio ( BLUE ) flew to a nearly two-year high on Thursday, advancing over 11% to its best share price since September 2015 at $125.15 apiece after after analysts at BMO Capital today raised their price target for the specialty pharmaceuticals company's stock by $26 to $134 a share, citing regulatory approval for a rival's chimeric antigen receptor T-cell therapy.
Wednesday's approval of Novartis' ( NVO ) Kymriah leukemia treatment by the U.S. Food and Drug Administration was a "de-risking event for the entire CAR-T space, BMO analyst Matthew Luchini wrote in a new research note today. bluebird has been working to develop a similar immunotherapy medication and Luchini said Novartis' recent regulatory success boosts the odds bluebird's bb2121 drug candidate also will gain FDA clearance from 45% previously to around 60% now.
The analyst also increased his projected price for bb2121 by $75,000 to $300,000 based on Novartis giving Kyriah a $475,000 pricetag,
In other sector news,
(+) IPXL, (+19.8%) Specialty drugmaker Shanghai Fosun Pharmaceutical Group discloses owning 3.9 mln of the company's shares, representing a 5.2% passive stake.
(-) STDY, (-33.1%) FDA issues refusal to file letter to the company regarding its new drug application for its Trevyent drug candidate to treat pulmonary arterial hypertension.
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