Health Care Sector Update for 12/14/2015: KANG,NRX,ATRA
Top Health Care Stocks
Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index slipping around 0.1% while shares of health care companies in the S&P 500 were up about 0.1% as a group.
In company news, American depository shares of iKang Healthcare Group ( KANG ) were hanging on to a small gain this afternoon after an investor group that includes one of the Chinese laboratory services company's top rivals increased their buyout offer by over 7%.
The new, $23.50-per-ADS offer is $1.50 higher than the group's Nov. 29 bid. At the time, iKang slammed the offer as "malicious," saying rival Meinian Onehealth was largely trying to disrupt the company's proposed going-private transaction announced in late August. iKang later adopted a so-called poison pill rights plan to thwart the Meinian bid and founder and board chairman Zhang Ligang reportedly vowed to never sell his shares to a third-party.
KANG shares were up almost 1% at $19.52 apiece, earlier climbing to a session high of $20.13 a share.
In other sector news,
(+) NRX, Receives FDA clearance of its Investigational New Drug application for a clinical trial of its intravenous pyridorin product candidate for treating acute kidney injury.
(-) ATRA, Said its PINTA 745 drug candidate failed to meet primary target during Phase II proof-of-concept trial to treat protein-energy wasting in patients with end-stage kidney disease.
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