Top Health Care Stocks
Health care stocks were outpacing most other sectors, including a more than 0.5% gain for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were up over 0.3% as a group. The Nasdaq Biotechnology index also was climbing more than 0.5% this afternoon.
Among health care stocks moving on news:
(+) Immuron (IMRN) rallied Wednesday, climbing 20%, after the biotech company said its Travelan drug candidate prevented bacillary dysentery in 75% of the non-human primates treated in a preclinical study of the anti-biotic alternative. The trial used eight juvenile rhesus monkeys in the Travelan cohort that were treated twice daily for a total of 12 doses in addition to four monkeys in the placebo group.
In other sector news:
(+) Synlogic (SYBX) was 27% higher after the synthetic biotic drug-maker said it was using Ginkgo's cell programming platform to build and test thousands of microbial strains and accelerate the development of potential drug candidates. Ginkgo also invested $80 million in Synlogic, buying over 6.34 million of its common shares and nearly 2.55 million pre-funded warrants, both at $9 apiece, while Synlogic paid $30 million to Ginkgo for synthetic biology services over the next five years.
(-) ContraVir Pharmaceuticals (CTRV) tumbled 16% after disclosing plans to sell nearly 2.9 million Class A units consisting of one share of common stock and a warrant to buy another share. Certain institutional investors participating in the stock sale are eligible to instead buy Class B units containing ContraVir's Series E preferred stock convertible into common stock as well as warrants to purchase more shares.
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