Health Care Sector Update for 07/08/2019: PRVL,SGMO,ITCI
Top Health Care Stocks
Health care stocks retreated Monday, with the NYSE Health Care Index sinking nearly 0.8% while the shares of health care companies in the S&P 500 also were down 1% as a group. The Nasdaq Biotechnology index was falling 1.8%.
Among health care stocks moving on news:
(+) Prevail Therapeutics ( PRVL ) rose 7.7% after saying the US Food and Drug Administration has designated its PR001 lead gene therapy program for fast-track development and review as a potential treatment of Parkinson’s disease in patients with a mutation of the GBA1 gene. The company is expecting to begin dosing patients in a phase 1/2 trial of PR001 later this year.
In other sector news:
(+) Sangamo Therapeutics ( SGMO ) surged 8.5% on Monday after the genomic medicine company and Pfizer ( PFE ) late Friday said their SB-525 experimental gene therapy for hemophilia A demonstrated promising results during phase 1/2 testing. The prospective treatment for patients with the bleeding disorder was largely well-tolerated and also showed a dose-dependent increase in Factor VIII clotting activity.
(-) Intra-Cellular Therapies ( ITCI ) dropped over 21% after reporting mixed results from a late-stage study of its lumateperone drug candidate, with the prospective treatment for bipolar depression meeting its primary endpoint during one phase III trial but failing to produce a statistically significant improvement in depression symptoms during a second round of testing.
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