Markets

Health Care Sector Update for 12/22/2015: SRNE, PSDV, BCLI

Top Health Care Stocks

JNJ +1%

PFE +0.2%

MRK +0.5%

ABT +1%

AMGN +1.7%

Health care stocks have turned higher this afternoon, reversing earlier declines, with the NYSE Health Care Index (^NYP) advancing around 0.5% while shares of health care companies in the S&P 500 (^IXV) also were up about 0.6% as a group.

In company news, Sorrento Therapeutics ( SRNE ) rallied Tuesday after FBR Capital today began analyst coverage of the oncology drug company with an Outperform call and a $22 price target for the stock.

The move follows Sorrento saying it has revised its rights agreement for its Series A junior participating preferred stock with Philadelphia Stock Transfer by reducing the purchase price for one one-thousandth of a share of its Series A junior participating preferred stock from $150 to $40 as well as extending the expiration date to exercise a purchase by an extra two years to November 2018, according to regulatory filing late yesterday. The company originally issued the preferred shares as a special dividend to shareholders in November 2013.

SRNE shares were up almost 24% at $9.67 apiece, backing away from an earlier run to $9.83 a share.

In other sector news,

(+) PSDV, Medidur drug candidate meets primary efficacy endpoint of preventing recurrence of posterior uveitis in the back of the eye during Phase III testing. Safety results also were positive.

(-) BCLI, Maxim Group reduces price target for the company's stock by $9 - or about 64% - to $5 a share. Reiterates Buy recommendation.

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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