Markets

Health Care Sector Update for 12/08/2016: BPMC,VYGR,OHRP

Top Health Care Stocks

JNJ -0.08%

PFE -0.80%

MRK +0.63%

ABT -0.14%

AMGN -0.75%

Health care stocks were mixed Thursday, with the NYSE Health Care Index falling about 0.1% while shares of health care companies in the S&P 500 were up about 0.1% as a group after reversing small declines from earlier today.

In company news, Blueprint Medicines ( BPMC ) was higher in Thursday trading after the specialty drugmaker last night priced a $125 million public offering of 5 million shares of common stock at $25.00 apiece, a 4.6% discount to Wednesday's closing price for the stock.

The company estimates it will combine around $116.9 million in net proceeds after paying underwriter discounts and other offering costs with available cash to fund an expansion of phase I testing of its BLU-285 drug candidate in patients with gastrointestinal stromal tumors and the start of more clinical trials for its BLU-544 prospective treatment for advanced hepatocellular carcinoma. It also plans to fund development of additional cancer drugs, according to the offering prospectus.

BPMC shares were up over 6% at $27.79 each this afternoon, backing down from an earlier peak today of $28.59 a share.

In other sector news,

(+) VYGR, (+17.3%) Reports "positive" interim results from phase Ib testing of VY-AADC01 drug candidate in patients with advanced Parkingson's disease, producing a 55% improvement in the unified Parkinson's disease rating scale for cohort 2 after 12 months. Cohort 3 results expected by mid-2017.

(-) OHRP, (-24.1%) Prices $7.75 mln public offering of nearly 3.88 mln shares of common stock at $2.00 each, a 20% discount to yesterday's closing price. Net proceeds will be used to fund phase III trial of its Squalamine antimicrobial and for other general corporate purposes.

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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