Health care stocks were moderately lower in recent trading, including a more than 0.1% decline for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were down more than 0.5% as a group. The Nasdaq Biotechnology index was falling about 1.8% Monday afternoon.
Among health care stocks moving on news:
(-) Palatin Technologies (PTN) was down nearly 9% in the afternoon, giving back a nearly 33% increase earlier Monday to a nine-year high of $1.78 a share. The FDA has approved a new drug application by AMAG Pharmaceuticals’s (AMAG) Vyleesi drug candidate, a melanocortin receptor agonist developed by Palatin to treat premenopausal women with acquired and generalized hypoactive sexual desire disorder. AMAG Pharma shares also were down about 4.5%.
In other sector news:
(+) Mesoblast (MESO) climbed 6% after the US Food and Drug Administration designated the company’s Revascor heart-failure drug as an orphan drug. Mesoblast said it now plans to discuss a potential pathway for approval under the existing regenerative medicine advanced therapy designation for Revascor at its upcoming meeting with the FDA.
(-) Bristol-Myers Squibb (BMY) dropped 7% on Monday after saying its its Opdivo cancer medication failed to meet the primary endpoint of improved overall survival in patients with unresectable hepatocellular carcinoma during phase III testing. Separately, the company said it will sell Celgene’s (CELG) Otezla psoriasis treatment in a bid to win US Federal Trade Commission approval of its $74 billion merger proposal with the rival firm.
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