Markets

Sector Update: Health Care

Healthcare stocks were outperforming Wednesday with the NYSE Healthcare Sector Index rising about 0.5% and shares of healthcare companies in the S&P 500 ahead over 0.7% as a group.

In company news, Receptos ( RCPT ) rallied Wednesday to a new all-time high after the biotech released positive data from a mid-stage testing of its prospective multiple-sclerosis drug.

During an industry conference beginning today in Boston, the company posted a study abstract of its RPC1063 drug candidate, showing an 86% reduction in lesions in patients with relapsing MS. The study also found the high-dose arm experienced a 53% reduction in relapses on an annualized basis.

The company, which reported top-line trial results in June, is slated to discuss all of the Phase II data during a presentation on Saturday.

RCPT shares were up about 24% at $58.21 apiece shortly before the closing bell, earlier advancing to a new record high at $59.45 a share. Over the past 12 months, the stock has more than doubled in value, rising 123% ahead of today's gains.

In other sector news,

(+) UNIS, Reports adjusted Q4 net loss of $0.12 per share, beating the Capital IQ consensus by $0.02 per share. Revenue rose 881% year over year to $6.55 million, beating estimates by $1.84 million.

(-) MGCD, Falls to 52-week low after reporting $0.21 per share Q2 net loss, reversing $0.13 per share gain during the same quarter last year. Revenue declined 16.4% year over year to $6.6 mln. No analyst estimates were available for comparison.

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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