Markets

Health Care Sector Update for 12/18/2015: VCEL,VTAE,MTP,GALE

Top Health Care Stocks

JNJ -1.12%

PZE -0.85%

MRK -2.91%

ABT -1.56%

AMGN -0.63%

Health care stocks were sinking in late afternoon trade, with the NYSE Health Care Index retreating over 1.0% while shares of health care companies in the S&P 500 were down over 1.0% as a group.

In company news, Vericel Corp ( VCEL ) shares surged Friday after the biotech company said that Stonepine Capital LP agreed to accept 1.25 million shares of its common stock in exchange for 1,250 shares of its Series A convertible preferred stock, according to a regulatory filing today.

Each share of the preferred stock previously had been convertible into 10,000 shares of Vericel common stock. Stonepine had originally had acquired the preferred stock through a 2011 rights agreement, with the conversion rights adjusted following a October 2013 20-for 1 reverse stock split.

VCEL shares were up nearly 18% at $2.26 apiece in late Friday trading, staying within 2 cents of its session high.

In other sector news,

(+) VTAE, Releases top-line results from remaining monotherapy arm of Phase II testing of its BI187004 drug candidate in overweight patients with Type 2 diabetes did not achieve predefined primary efficacy endpoint criteria.

(-) MTP, Acquires Zuplenz, a marketed anti-emetic oral soluble film to prevent chemotherapy- or radiotherapy-induced as well as post-operative nausea and vomiting, from Galena Biopharma ( GALE ) for $3.75 mln upfront payment.

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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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