Market Rally Carrying Health Care Stocks Higher

Health care stocks were trending higher, with the NYSE Health Care Index gaining more than 0.7% while shares of health care companies in the S&P 500 were up almost 0.7% as a group.

In company news, Achillion Pharmaceuticals (ACHN) stumbled Monday, falling to a session low of $3.61 after the the specialty drug maker this morning said Johnson & Johnson’s (JNJ) Janssen Pharmaceuticals unit is terminating their collaborate efforts to develop a hepatitis C treatment.

The decision ends work on the companies’ JNJ-4178 drug candidate, a combination of three direct acting antivirals: AL-335, odalasvir and simeprevir.

While expressing disappointment with Janssen’s exit, Achillion said it would continue later this year with additional phase 2 testing of its ACH-4471 drug candidate in patients with low C3 protein levels in the bloodsteam due to C3G or IC-MPGN.

In other sector news,

(+) MRNS, (+43.0%) Said top-line data from phase 2 study in patients with CDKL5 disorder support advancing its ganaxolone drug candidate to a late-stage trial.

(-) PLSE, (-17.1%) Withdraws FDA application seeking 501(k) clearance of its PulseTx nano-pulse stimulation device to treat cancer after saying it would not be able to meet an agency request for more data within a 90-day review period that ended Sept. 10.

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