Top Health Care Stocks
Health care stocks have turned lower Friday afternoon, with the NYSE Health Care Sector Index giving back a small gain earlier in today's session and more recently slipping about 0.1% while shares of health care companies in the S&P 500 were slipping about 0.2% as a group.
In company news, Galapagos NV ( GLPG ) tumbled to a record low Friday after the Belgian biotech company said AbbVie ( ABBV ) will not be exercising its right to in-license Galapagos' ABT-494 drug candidate to treat rheumatoid arthritis.
The decision follows AbbVie Friday morning saying ABT-494 reached its primary endpoint of at least 20% improvement in tender or swollen joints during two Phase II trials. Galapagos today said it still intends to move the JAK1 inhibitor to Phase III testing earlier next year.
GLPG American depository shares were down almost 26% at $44.73 each, earlier dropping to a post-IPO low of $44.32 a share. Since pricing its initial public offering of stock at $42.05 a share on June 16, the stock had climbed more than 46% through Thursday's close.
ABBV shares were slightly lower this afternoon, falling about 0.1% to $56.47 apiece.
In other sector news,
(+) BLPH, (+95.2%) Reports positive interim data from long-term, Phase II extension study of its INOpulse drug candidate to treat pulmonary arterial hypertension. FDA also signs off on Phase III trial.
(-) PETX, (-28.2%) Said it does not believe its AT-004 or AT-005 drug candidates will capture the desired lymphoma market opportunity in their current, first-generation forms.
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