Health Care Stocks Mixed

Health care stocks were little changed in recent trade, including a fractional loss for the NYSE Health Care Index while shares of health care companies in the S&P 500 were up slightly as a group. The Nasdaq Biotechnology index was climbing 0.7%.

Among health care stocks moving on news:

(-) BioPharmX (BPMX) was down 3% after jumping 32% earlier after the specialty pharmaceuticals company reported positive results from phase IIb testing of its BPX-04 drug candidate in patients with moderate to severe papulopustular rosacea. The topical gel met its primary endpoint of a statistically significant drop in the number of inflammatory facial lesions after 12 weeks compared with a vehicle control.

In other sector news:

(+) Allergan (AGN) climbed as much as 30% during Tuesday trading after the Irish drugmaker agreed to a $63 billion buyout offer from AbbVie (ABBV), which will swap $120.30 in cash and 0.8660 of an AbbVie share for each Allergan share. The deal values Allergan at $188.24 per share, representing a 45% premium to Allergan’s closing price on Monday.

(-) Conatus Pharmaceuticals (CNAT) dropped as much as 66% to a record low of 31 cents a share after announcing an aggressive restructuring plan, including laying off 40% of its existing staff and suspending development on its CTS-2090 drug candidate to treat inflammasome disease, after its emricasan prospective treatment for liver disease failed to meet its primary target during phase III testing.

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