Top Health Care Stocks
Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index falling almost 0.5% in recent trade while the shares of health care companies in the S&P 500 also were up slightly less than 0.1% as a group. The Nasdaq Biotechnology index was climbing just nearly 0.3%.
Among health care stocks moving on news:
(-) Applied Therapeutics (APLT) was down slightly more than 2% shortly before Friday's closing bell, slipping off an earlier gain that followed the early-stage biopharmaceuticals company Friday reporting positive results from phase III testing of its AT-001 drug candidate in patients with diabetic cardiomyopathy, with the selective aldose reductase inhibitor significantly reducing cardiac damage in a relevant mouse models.
In other sector news:
(+) Fibrocell Science (FCSC) was soaring 60% higher after the specialty drugmaker agreed to a $63.3 million cash buyout offer from privately held Castle Creek Pharmaceutical Holdings. Under the terms of the proposed transaction, Fibrocell investors will receive $3.00 in cash for each of their shares, representing a 63.9% premium to Thursday's closing price.
(+) SmileDirectClub (SDC) traded 12% higher in its public market debut after late Thursday pricing its initial public offering of stock at $23 per share, topping its projected $19 to $22 per share price range. More than 58.5 million shares were sold through the IPO, which generated $1.3 billion in gross proceeds for the online seller of teeth alignment products. The company also provided underwriters with a 30-day option to buy up to 8.78 million additional shares, which if fully exercised, would produce an extra $202 million in gross proceeds for the company.
(-) Ritter Pharmaceuticals (RTTR) dropped more than 70% to a record low of 29 cents a share on Friday after saying while its RP-G28 drug candidate showed significant improvement in symptoms in patients with lactose intolerance during phase III testing it failed to demonstrate a meaningful statistical difference compared with patients who received a placebo during the trial. RP-G28 also missed the secondary endpoints of the trial.
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