Top Health Care Stocks
Health care stocks pared a small portion of their prior declines this afternoon, including a more than 0.7% fall for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down almost 1.2% as a group while the Nasdaq Biotechnology index was slipping over 2.8% today.
Among health care stocks moving on news:
(+) OPKO Health ( OPK ) rose as much as 24% on Monday after the diagnostics and pharmaceuticals late Friday reported a smaller-than-expected Q3 net loss. It recorded a net loss of $0.05 per share during the three months ended Sept. 30, improving on an $0.08 net loss during the year-ago period but still beating the Capital IQ consensus expecting a $0.06 per share loss. Total revenue rose to $249.8 million compared with $246.0 million during the comparable period in 2017 but lagged the $264.04 million Street view.
In other sector news:
(+) Lannett ( LCI ) spiked over 15% early Monday and was still trading almost 6% higher after the generic drugmaker announced a $50 million distribution and sales agreement with Amneal Pharmaceuticals, which will become the sole customer and reseller of its Levothyroxine sodium tablets starting Dec. 1 and continuing through March 23, 2019. Lannett said it received an upfront payment but declined to disclose other terms of the transaction.
(+) Eidos Therapeutics ( EIDX ) was almost 14% higher in recent Monday trading after the early-stage biotech company reported positive results from Phase II testing of its AG10 drug candidate, saying it was well tolerated and demonstrated a greater than 90% average stabilization in the buildup of abnormal protein deposits in patients with amyloidosis cardiomyopathy. The findings also support advancing AGIO to Phase III testing, expected to begin during the first half of 2019, the company said.
(-) Abiomed ( ABMD ) was down almost 18% on Monday despite the medical device company reporting positive results from an FDA trial investigating the safety and feasibility of the company's Impella CP implantable heart-assist pump in heart attack patients presenting anterior ST-segment elevations. About half of the 50 patients enrolled in the randomized trial received left ventricle unloading with the Impella followed by immediate reperfusion while the remaining half received a 30-minute delay to reperfusion. The company said delaying reperfusion by 30 minutes did not increase the risk of a major adverse cardiovascular and cerebrovascular event over the next 30 days compared with the immediate reperfusion arm of the trial.
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