Markets

Sector Update: Health Care

Health care stocks were narrowly lower this afternoon, with the NYSE Health Care Sector Index sinking about 0.2% and shares of health care companies in the S&P 500 slipping about 0.1% as a group.

In company news, Alliqua Inc. ( ALQA ) was sharply higher in mid-day trading after the early-stage drugmaker Monday said its Biovance Human Amniotic Membrane Allograft has been approved for Medicare and Medicaid reimbursement.

The new and unique Level II product reimbursement Q code will take take effect on Jan. 1, 2015. The company's Allograft is used to repair patient wounds and is developed from human placenta following healthy, full-term pregnancies.

ALQA shares were up more than 18% this afternoon at $5.51 apiece, back down from an early run to $6.12 a share. The stock has traded within a 52-week range of $3.50 to $10.11 a share, rising more than 54% over the past 12 months through Friday's close.

In other sector news,

(+) CVD, (+25.3%) Accepts $5.6 bln buyout offer from Laboratory Corp. of America ( LH ), with CVD shareholders receiving $75.76 in cash and 0.2686 of a LH share per share - or $105.12 per share, a 31.5% premium over Friday's closing price.

(-) NYMX, (84.4-%) NX-1207 drug candidate fails to meet primary endpoint in a pair of Phase III trials of the prospective treatment for benign prostatic hyperplasia.

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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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