Markets

Sector Update: Healthcare

Healthcare stocks were falling Thursday, with the NYSE Healthcare Sector Index off almost 0.9% and shares of healthcare companies in the S&P 500 down 1.3% as a group.

In company news, Clovis Oncology ( CLVS ) shares added more than 13% Thursday after the specialty drugmaker late Wednesday posted an abstract for its CO-1686 epidermal growth factor receptor inhibitor ahead of a presentation late this month at the American Society of Clinical Oncology meeting.

CO-1686 currently is being studied as a potential first-line treatment in non-small cell lung cancer. According to the abstract, some of the patients treated with CO-1686 showed partial responses or stable disease.

Additional information will be presented at the industry conference on May 31 by Dr. Lecia Sequist, who is leading the study at Massachusetts General Hospital in Boston.

CLVS shares were ahead 12.4% at $57.40 each, earlier rising to a session high of $60.47 a share. The stock has a 52-week range of $32.32 to $93.33 a share, rising just more than 58% during the past 12 months.

In other sector news,

(+) GTIV, (+61.4%) Kindred Healthcare ( KND ) goes public with $533 mln takeover, offering $14 a share in cash and stock - a 64% premium over GTIV's closing price last night. KND said it was willing to make a 100% cash bid if GTIV board prefers.

(-) SRNE, (-22.1%) Prices 4.765 mln shares of common stock at $5.25 apiece, marking a 21.6% discount to Wednesday's closing price.

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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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