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Sector Update: Healthcare

Healthcare stocks were falling again Monday, with the NYSE Healthcare Sector Index sinking about 0.2% and shares of healthcare companies in the S&P 500 declining about 0.4% as a group.

In company news, Growblox Sciences ( GBLX ) shares jumped as much as 56% Monday after local authorities in southern Nevada approved a special use permit allowing the medical marijuana-grower to open a new dispensery in the greater Las Vegas area.

The decision by the Clark County Board of Commissioners, following three days of public hearings, was the final local approval need for GBLX to open its Fort Apache dispensary. The company still needs to wait for final approval by state authorities, and will then apply for a state business license, expected within a few weeks.

GBLX shares were up 25% in mid-day trade at $2.00 apiece, earlier rising to a session high of $2.50 a share. The stock has a 52-week range of 10 cents to $8.90 a share, with shares nearly tripling in value over the past 12 months.

In other sector news,

(+) IDIX, (+232.4%) Accepts $3.95 bln buyout offer by Merck ( MRK ), which will pay $24.50 per share - a 239% premium over Friday's closing price - for the hepatitis C antiviral therapy company.

(-) ECTE, (-0.9%) ISS Proxy Advisory Services recommends against Platinum Group board nominee Shepard Goldberg at June 19 annual meeting. Another proxy advisory firm, Glass Lewis, last week also sided with the management slate.

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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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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