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