Health care stocks were posting moderate gains, with the NYSE Health Care Sector Index ahead about 0.7% and shares of health care companies in the S&P 500 rising 0.5% as a group.
In company news, Horizon Pharma ( HZNP ) was narrowly lower Tuesday afternoon despite announcing late Monday positive results from Phase II testing of its Actimmune interferon gamma-1b medication in children with Friedreich's ataxia, finding the drug was well tolerated with no serious adverse events.
HZNP shares recently were down about 0.6% at $11.90 apiece, giving back a 4.6% rise to $11.46 a share early in Tuesday's trading. The stock has traded within a 52-week range of $3.69 to $18.30 a share, rising slightly more than 192% over the past 12 months through Monday's close.
The disease is a debilitating, degenerative neuro-muscular disorder affecting around 4,000 to 5,000 children and adults in the U.S. and another 10,000 individuals elsewhere around the globe, according to the Friedreich's Ataxia Research Alliance. There currently is no approved FDA treatment for the disease.
The trial was conducted at Children's Hospital of Philadelphia starting in August 2013 with 12 children ages five to 17 years old and with release of the results timed to coincide with the Friedreich's Ataxia Symposium this week at Children's Hospital. In particular, the open-label study sought to measure changes in Frataxin protein, a biomarker of the disease, in various blood components and whole blood as well as secondary outcomes such as changes in neurological outcome and quality of life.
The FDA previously approved Actimmune as a treatment for two extremely rare orphan diseases - chronic granulomatous disease and severe malignant osteopetrosis. HZNP said about 270 patients are using the drug as a treatment for the drug.
In other sector news,
(+) DARA, (+1.7%) Citing Symphony Health Solutions data, said its Gelclair oral gel has the largest market share in country over other prescription barriers used to form protective films over lesions in the mouth caused by various cancer treatments.
(-) EXAC, (-14.4%) Guides Q3 net income below prior forecast of $0.24 to $0.26 per share, lagging analyst consensus by at least $0.02 per share. Also sees revenue near lower end of outlook expecting $57.5 mln to $59.5 mln. Street is at $58.62 mln.
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Sector Update: Health Care