Sector Update: Healthcare
Healthcare stocks are lower with the NYSE Healthcare Sector Index sinking 0.3% and shares of healthcare companies in the S&P 500 falling nearly 0.5% as a group.
In company news, Anacor Pharmaceuticals Inc. ( ANAC ) is up 29% at $13.89 a share in late trade, earlier climbing to an all-time high of $14.10 after the drug-maker received a nine-figure arbitration award in its dispute with Valeant Pharmaceuticals ( VRX ) and its anti-fungal drug Jublia.
VRX was ordered to pay $100 million in damages and will also have to pay ANAC's court costs and attorney's fees. ANA said the award likely will be confirmed by the end of the year, after which VRX will have six months to pay.
The dispute centers on VRX plans to market Jublia while ANAC contends Dow Pharmaceutical Services - now part of VRX - breached a contract guiding the companies' work on the drug. Jublia recently was approved in Canada although the drug is waiting marketing approval in the United States.
VRX is up 0.4% at $112.47 a share.
In other sector news,
(+) CPHD, Q3 earnings of $0.09 per share beat by $0.10. Revenue for the diagnostic equipment company rose 25.6% year over year to $101.1 million, also beating estimates by around $7.24 million. Issues upside guidance.
(-) ARIA, Discontinues Phase III trial of its Iclusig drug candidate in patients with newly diagnosed chronic myeloid leukemia while the FDA investigates cardiac-related side effects for the drug.
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