Healthcare Sector Update: March 23, 2011

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Health care shares are lower in mid-session trading while Xoma (XOMA) tumbles after disappointing results from a clinical trial. The company is down nearly 30% in early trading, after it said late Tuesday its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin, or HbA1c, after six monthly treatments with XOMA 052 compared to placebo. Meanwhile, shares of Gilead Sciences (GILD) are higher after the company said the Phase III clinical trial of its investigational antiretroviral agent elvitegravir, an oral integrase inhibitor being evaluated to treat HIV-1 infection in treatment-experienced patients, met its primary objective.

By Stephanie Shyu

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