Health Care Sector Update for 05/21/2019: ARRY,AMRX,OCUL
Top Health Care Stocks
Health care stocks were rising, including a nearly 0.8% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were up more than 0.9% as a group while the Nasdaq Biotechnology index was climbing almost 1.9%.
Among health care stocks moving on news:
(+) Array BioPharma (ARRY) raced 21.5% higher after Tuesday announcing positive interim results from phase III testing of a combination of its Braftovi BRAF inhibitor, Mektovi MEK inhibitor and Erbitux anti-EGFR antibody, meeting both primary endpoints of confirmed objective response rate and a statistically significant improvement in overall survival in patients with BRAFV600E-mutant metastatic colorectal cancer following one or two prior lines of therapy.
In other sector news:
(+) Amneal Pharmaceuticals (AMRX) climbed 11% on Tuesday after Raymond James raised its investment recommendation on the specialty and generics drugmaker to strong buy from a previous call of market perform.
(-) Ocular Therapeutix (OCUL) dropped 26% after the biopharmaceuticals company said its OTX-TP experimental treatment for glaucoma did not meet its primary endpoint, failing to demonstrate a statistically superior mean reduction of intraocular pressure compared with patients in the placebo group. Raymond James and Cowen both downgraded the company's stock.
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