Markets

Health Care Sector Update for 09/09/2015: FLXN, VTAE, TTPH

Top Health Care Stocks

JNJ -1.00%

PZE -0.81%

MRK -0.79%

ABT -0.71%

AMGN -1.20%

Health care stocks were mostly lower this afternoon, with the NYSE Health Care Sector Index declining about 0.4% while shares of health care companies in the S&P 500 also were down 0.4% as a group.

In company news, Flexion Therapeutics ( FLXN ) slumped Wednesday after the specialty drugmaker said its FX006 drug candidate provided "substantial and persistent pain relief" during Phase IIb testing but failed to meet its primary endpoint of statistically superior pain relief compared to placebo after 12 weeks.

Flexion last night reported top-line results from the first of two scheduled mid-stage, double-blind trials of FX006 in patients with moderate to severe knee pain from osteoarthritis, with the 310 participants receiving either 20- or 40-milligram injections of the sustained-release medication or a saline placebo.

"We believe 40 mg of FX006 can provide clinically meaningful and durable pain relief," Flexion CEO Michael Clayman said in prepared remarks. "We are also pleased with the safety profile of FX006 and look forward to seeing the upcoming results" of Phase III testing.

FLXN shares recently fell over 28% to $20.63 each, earlier sinking to a session low of $18.10 share. Through yesterday's close, the stock had climbed almost 43% over the past 12 months.

In other sector news,

(+) VTAE, (+75.7%) Reports positive top-line results from Phase I testing of its VTP-43742 RORyt inhibitor in patients with autoimmune disorders, including psoriasis, psoriatic arthritis, rheumatoid arthritis, multiple sclerosis and irritable bowel disease as well as several orphan diseases.

(-) TTPH, (-79.1%) Eravacycline antibiotic drug candidate fails to to meet primary endpoint during Phase III testing, prompting several analyst downgrades of the company's stock.

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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