Markets

Health Care Sector Update for 12/16/2016: AGIO,EVOK,RXII

Top Health Care Stocks

JNJ -0.06%

PFE -0.53%

MRK -1.67%

ABT -0.18%

AMGN -0.76%

Health care stocks were little changed in afternoon trade, with the NYSE Health Care Index climbing less than 0.1% while shares of health care companies in the S&P 500 were down about 0.1% as a group.

In company news, Agios Pharmaceuticals ( AGIO ) retreated Friday after the drugmaker said it was pulling the plug on its AG-519 prospective treatment for an inherited metabolic disorder after U.S. regulators placed a clinical hold on the pyruvate kinase activator.

The company last night said it withdrew its investigational new drug application for AG-519 after the Food and Drug Administration on Wednesday suspended additional work on the drug candidate citing patient safety concerns. Development and testing of AG-348 - a similiar pyruvate kinase activator now in phase II trials - will not be affected, Agios said.

AGIO shares were down nearly 20% this afternoon at $44.88 each, recouping a small portion of a prior 22% drop to a session low of $43.60 a share.

In other sector news,

(+) EVOK, (+54.5%) FDA provides positive guidance for the submission of a new drug applicaton for its Gimoti nasal metoclopramide spray to relieve symptoms associated with acute and recurrent diabetic gastroparesis in adult women.

(-) RXII, (-38.4%) Prices $10 mln public offering of 2.13 mln units consisting of one share of common stock and a five-year warrant at 90 cents per unit along with an offering of 8.082 Class B preferred shares convertible in 1.11 mln shares and 1,111.1 warrants at $1,000 apiece.

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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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