Top Health Care Stocks
Health care stocks continued to add to their prior losses this afternoon, with the NYSE Health Care Index declining nearly 0.4% while shares of health care companies in the S&P 500 were down over 0.4% as a group.
In company news, Dicerna Pharmaceuticals ( DRNA ) climbed to a 22-month high on Thursday, topping out at its best share price since January 2016 at $7.71 apiece, after the genetic drugs-maker disclosed a new research collaboration and license agreement with German pharmaceuticals conglomerate Boehringer Ingelheim to develop new therapies for long-term liver disease.
The partnership will first focus on potential treatments for nonalcoholic steatohepatitis, also known as NASH, using Dicerna's novel GalXC RNAi therapeutics for the chronic liver disease that currently has no approved treatment options.
Under the terms of the agreement, Dicerna may receive more than $200 million from Boehringer Ingelheim, including an upfront payment, regulatory and commercial milestones and reimbursement for its research and development costs in exchange for a GalXC product candidate targeting an undisclosed NASH target.
Dicerna also is eligible for royalties based on a percentage of future world-wide sales staggered up to double-digits.
In other sector news,
(+) OCRX, Agrees to $42 mln buyout offer from Mallinckrodt ( MNK ), which will pay $1.52 for each Ocera Therapeutics share and will also issue a contingent value right to receive up to $2.58 per share based on completion of certain development and sales milestones.
(-) OSUR, Cut to Hold from Buy at Jefferies & Co despite Q3 EPS of $0.10 beating by a penny. Revenue increases 31% to $42.3 mln, also exceeding the $40.83 mln consensus. Projected Q4 profit matches $0.08 per share Street view and company's outlook for between $45 mln to $46 mln in revenue tops analyst mean by at least $5.24 mln.
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