Markets

Health Care Sector Update for 12/16/2015: ARRY,ACST,LAKE

Top Health Care Stocks

JNJ +1.09%

PZE +0.96%

MRK +0.99%

ABT +2.10%

AMGN +1.19%

Health care stocks were higher today, with the NYSE Health Care Index adding around 1.5% while shares of health care companies in the S&P 500 were up about 1.4% as a group.

In company news, Array Biopharmaceuticals ( ARRY ) rallied Wednesday after the special drugmaker today reported positive top-line results from the ongoing Phase III testing of its its binimetinib drug candidate in patients with advanced NRAS-mutant melanoma, with plans to seek marketing approval in the United States before mid-2016.

According to the company, the study met its primary endpoint of improving progression-free survival in the skin cancer patients compared with a previous approved chemotherapy treatment, with patients in the binimetinib arm living an extra 2.8 months compared with 1.5 months for patients in the dacarbazine arm.

ARRY shares were up nearly 21% at $4.62 each this afternoon, earlier topping out at $5.20 a share.

In other sector news,

(+) ACST, Discloses plans to begin a bridge study of its CaPre drug candidate to treat cardiometabolic disorders following "encouraging" discussions with U.S. Food and Drug Administration.

(-) LAKE, Q3 revenue climbs 6.0% over year-ago levels to $24.9 mln but still trails the $25.52 mln estimate of the only analyst now following LAKE. Earns $0.29 per share, topping the analyst's call by $0.03 per share.

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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