Markets
GSK

Health Care Sector Update for 12/15/2015: ICPT, KTOV, NEOT, GSK

Top Health Care Stocks

JNJ +2.27%

PZE +1.03%

MRK +2.21%

ABT +1.49%

AMGN +3.28%

Health care stocks were higher Tuesday afternoon, with the NYSE Health Care Index jumping nearly 1.3% while shares of health care companies in the S&P 500 were up nearly 1.3% as a group.

In company news, Intercept Pharmaceuticals ( ICPT ) surged Tuesday following reports the specialty drugmaker has received several buyout offers and hired JPMorgan to help deal with potential suitors.

Citing an unnamed market source, The UK's Daily Mail in its Tuesday editions said Shire plc ( SHPG ) was making a play for Intercept in addition to GlaxoSmithKline ( GSK ) and other companies in Switzerland and the United States. Both Intercept and Shire declined to comment when contacted by the newspaper.

The U.S. Food and Drug Administration Aug. 31 granted a priority review of Intercept's obeticholic acid as an alternative treatment for primary billary cirrhosis in patients unable to tolerate the only drug currently approved for their condition. The agency has set a Feb. 29 target date to take action on the company's new drug application.

ICPT shares were up almost 17% at $162.40 apiece, backing down from their session high of $169.00 a share earlier today.

In other sector news,

(+) KTOV, (+28.9%) KIT-302 drug candidate meets primary endpoint of FDA-approved trial protocol, demonstrating the two-drug combination reduced daytime systolic blood pressure by at least 50% more than trial arm treated with amlodipine besylate alone. Expects to file new drug application during second half of 2016.

(-) NEOT, (-81.2%) LIPO-202 drug candidate to reduce central abdominal bulging does not meet co-primary composite and secondary endpoints during Phase III testing. Piper Jaffray downgrade to Neutral while Needham & Co. cut its rating to Hold.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

GSK ICPT

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More