Top Health Care Stocks
Health care stocks were rising, with the NYSE Health Care Index climbing almost 1.1% while shares of health care companies in the S&P 500 were up more than 1.2% as a group. The Nasdaq Biotechnology index was climbing more than 1.1%.
Among health care stocks moving on news:
(+) Taro Pharmaceutical Industries (TARO) climbed almost 15% after the company launched a modified "Dutch auction" tender offer to buy back up to $225 million of its ordinary shares between $80 to $92 per share and representing up to 7.3% of the drugmaker's currently outstanding shares. The offer is scheduled to expire on Dec. 16 at 5 pm ET, unless extended by the company.
In other sector news:
(+) Amarin (AMRN) rose nearly 9% after an FDA advisory panel unanimously said the US Food and Drug Administration should approve expanded use and labeling of its Vascepa cholesterol medication to reduce the risk of heart attacks, strokes and other major cardiovascular events.
(-) resTORbio (TORC) plunged 88% to a record low of 94 cents a share after the early-stage biopharmaceuticals company said its RTB101 drug candidate failed to meet the primary endpoint of a producing a statistically significant reduction in clinically symptomatic respiratory illness in elderly patients compared with a placebo during phase III testing.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.