Top Health Care Stocks
Health care stocks were rising Friday, with the NYSE Health Care Index moving almost 0.5% higher in recent trading while shares of health care companies in the SP 500 were up more than 0.5% as a group.
In company news, Conatus Pharmaceuticals ( CNAT ) rose Friday, rising over 9% to a session high of $6.75 a share after late yesterday saying its exclusive licensing deal with Novartis ( NVS ) for the global development and commercialization of its emricasan liver drug candidate has become effective.
The license became effective earlier this week when Conatus received a $7 million milestone payment from Novartis following a U.S. Federal Trade Commission review and expiration of the waiting period under Hart-Scott-Rodino antitrust rules. There currently are two phase IIb trials underway to evaluate emricasan as a potential treatment for liver cirrhosis as well as fibrosis caused by nonalcoholic steatohepatitis or hepatitis C virus infections.
Following the recent cash infusion, along with net proceeds from a public offering of stock in May as well as other cash and marketable securities, Conatus said it believes it has enough funding to maintain its current operations through the end of 2019.
In other sector news,
(+) ARNA, Raised to Market Outperform from Market Perform at JMP Securities.
(-) DXTR, Expects total Q4 product sales between $940,000 to $960,000, trailing the $1.17 mln two-analyst consensus. Also places temporary hold on its MicroCutter 5/80 stapler and reload cartridges following six reports of difficulty clamping the device by surgeons after reloading.