Markets

Health Care Sector Update for 10/02/2015: CHRS,AMGN,XNPT,FOLD

Top Health Care Stocks

JNJ -0.05%

PZE +2.72%

MRK +0.49%

ABT -0.47%

AMGN +0.34%

Health care stocks were higher this afternoon, with the NYSE Health Care Index climbing around 0.7% while shares of health care companies in the S&P 500 also were advancing nearly 0.7% as a group.

In company news, BioSciences Inc. ( CHRS ) were moderately higher this afternoon, recovering from a steep slide earlier today that came despite the late-stage biotech company last night saying it remains on track to file a Biologics License Application with U.S. regulators early next year after reporting positive topline pharmacokinetic and pharmacodynamic results from Phase III testing of its CHS-1701 drug candidate.

The drug - a biosimilar of Amgen's ( AMGN ) Neulasta and Roche's Neulastim injection treatment - is used to stimulate bone marrow to produce new white blood cells and fight infections in cancer patients during chemotherapy treatments. It met its primary pharmacodynamic endpoint of matching Neulasta in stimulating neutrophil counts in all four of the active test groups while pharmacokinetic activity in three of the four test groups performed as expected, consistent with previous studies.

The company said it was working with the U.S. Food and Drug Administration to determine the cause of the low, anomalous pharmacokinetic results with the fourth trial group as it assembles its license application for CHS-1701 for submission sometime during the first three months of 2016.

CHRS shares were up almost 5% at $19.72 apiece, bouncing back from an earlier decline that dragged the stock as much as 9.9% lower to $16.96 a share.

In other sector news,

(+) XNPT, (+18.0%) Discloses plans to focus on developing drug treatment for restless leg syndrome while dropping work on a prospective treatment for psoriasis after it showed high rates of gastrointestinal-related side effects. CEO Ronald Barrett steps down and is replaced by Chief Operating Officer Vincent Angotti.

(-) FOLD, (-52.1%) Said it does not expect to sumbit a new drug application for its Migalastat monotherapy for Fabry disease before the end of the year after the FDA asked for additional data.

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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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