Markets

Sector Update: Healthcare

Healthcare stocks scratched out small gains near today's close, reversing earlier losses with the NYSE Healthcare Sector Index climbing about 0.1% and shares of healthcare companies in the S&P 500 rising less than 0.2% as a group.

In company news, Celladon Corp ( CLDN ) was enjoying an outsized boost Wednesday afternoon after disclosing a real estate deal for a new headquarters with a nearly four-fold increase in available space for the biotech company.

Under a May 28 sublease agreement with Brandes Investment Partners LP, the company will rent 10,908 square feet of new office space in San Diego, replacing its current headquarters and its 2.270 square feet of space.

CLDN is committed to its current headquarters, also in San Diego, until November 2017 although it has secured a sublease with an unidentified third party for the remainder of that lease. The new sublease begins July 1 and runs through the end of April 30, 2022 with an early termination clause allowing it to shelve the pact after 53 months.

Initial rent is $31,000 a month, rising 3% annually, according to regulatory filing by the company today.

CLDN shares were up more than 17% at $9.26 apiece late in today's session, earlier climbing to a session high of $9.93 a share. The stock has a 52-week range of $7.45 to $17.16 a share, slipping about 1% through yesterday's close since pricing its initial public offering of 5.5 million shares at $8 each in January.

In other sector news,

(+) MNKD, Extending gains on high volume ahead of July 15 decision by an FDA advisory panel on the company's Afrezza inhaled insulin medication.

(-) AGN, Extending losses to a second day following a combined 9% rise on Friday and Monday after Valeant Pharmaceuticals (VRX,VRX.TO) boosted its buyout offer to around $53.8 billion.

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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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