Markets

Health Care Sector Update for 09/29/2015: AGN,TEVA,XENT,ZSAN,LLY

Top Health Care Stocks

JNJ +1.54%

PZE +0.76%

MRK +1.97%

ABT +0.21%

AMGN +1.77%

Health care stocks were easing from their best levels of Tuesday trade, with the NYSE Health Care Index rising nearly 0.2% recently while shares of companies in the S&P 500 were climbing over 0.9% as a group this afternoon.

In company news, Allergan ( AGN ) was slightly lower Tuesday afternoon, swinging between small gains and losses after the generic drugmaker said it is expecting to record more than $8 billion in revenue during the second half of 2015 following the upcoming sale of global generics business to Teva Pharmaceuticals ( TEVA ).

The deal is expected to close during the first three months of 2016.

Allergan also is projecting non-GAAP earnings in a range of $6.25 to $6.65 per share. Analysts, on average, have been expecting the company to earn $9.16 per share on around $11.58 billion in revenue, although those estimates include the generics business that the company wiil now report as a discontinued operation beginning with its Q3 results next month.

AGN shares were down less than 0.1% at $254.77 apiece, falling back from a morning rise to $263.80 a share.

In other sector news,

(+) XENT, (+8.8%) Files application with FDA for expanded application for its Propel mini-steroid-releasing implant to treat patients with frontal sinus disease in addition to current indication for ethmoid sinuses.

(-) ZSAN, (-40.8%) Discontinues work on once-daily formulation of its ZP-PTH drug candidate for severe osteoporosis, resumes development of weekly -PTH product. Also terminates collaboration agreement with Eli Lilly ( LLY ).

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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