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Sector Update: Healthcare

Healthcare shares are lower in pre-market, while shares of Rigel Pharmaceuticals ( RIGL ) are down 10% at a new 52-week low of $2.90, after the company this morning said it has reduced its workforce by 18%, resulting in the elimination of 30 positions, amid plans to focus its resources on the completion of three lead clinical programs.

Meanwhile, GlaxoSmithKline plc's ( GSK ) DERMAi study, a Phase 3 randomized, blinded, placebo-controlled MAGE-A3 cancer immunotherapeuticii trial did not meet its first co-primary endpoint. In an independent analysis, the study did not significantly extend the disease-free survival iv period when compared to placebo in the overall MAGE-A3 positive trial population. GSK will continue the study until the second co-primary endpoint is assessed.

Shares are down 1%.

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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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