Pharmaceutical sector-related ETFs stood out Thursday after Horizon Pharma (HZNP) revealed positive test results for its treatment of thyroid eye disease, or TED.
Among the better performing non-leveraged ETFs of Thursday, the First Trust Nasdaq Pharmaceuticals ETF (NasdaqGM: FTXH) rose 1.8%, Invesco Dynamic Pharmaceuticals ETF (NYSEArca: PJP) gained 1.5% and SPDR Pharmaceuticals ETF (NYSEArca: XPH) increased 2.3%. Both FTXH and PJP were also testing their long-term resistance at the 200-day simple moving average.
Horizon Pharma shares surged 32.5% Thursday following the release of positive test results in its Phase 3 trial of its thyroid eye disease drug, teprotumumab, TheStreet reports.
HZNP makes up 4.0% of FTXH’s underlying holdings, 3.0% of PJP’s holdings and 2.6% of XPH.
According to the pharmaceutical company’s reports, merely 83% of TED patients given teprotumumab had a “meaningful improvement in in proptosis, or bulging of the eye,” the main cause of morbidity in the disease.
