Sector Update: Afternoon Slump Erodes Prior Advance for Health Care Stocks

Friday, November 1, 2019 3:58 PM | MT Newswires

Top Health Care Stocks

JNJ -0.48%

PFE +0.47%

ABT -0.92%

MRK -1.70%

AMGN +2.59%

Health care stocks lost ground in late Friday trade, with the NYSE Health Care Index rising nearly 0.2% shortly before the closing bell while the shares of health care companies in the S&P 500 also were ahead almost 0.3% as a group. The Nasdaq Biotechnology index was climbing over 2.3%.

Among health care stocks moving on news:

(-) Y-mAbs Therapeutics (YMAB) fell 3% after the specialty drugmaker said it remains on track to file the biologics license application for its omburtamab monoclonal antibody before March despite the US Food and Drug Administration this week changing the scope of the company's scheduled pre-BLA meeting next month. The specialty drugmaker said the FDA did not explain its decision to now host a general guidance meeting in November but it remains confident the pre-BLA meeting will occur before the end of the year, which would provide enough time to complete the application during the first three months of 2020.

In other sector news:

(+) BeiGene (BGNE) jumped out to a 16-month high of $189.85 a share on Friday after late Thursday announcing a strategic collaboration agreement to commercialize almost two dozen of Amgen's (AMGN) oncology drugs in China, including its Xgeva, Kyprolis and Blincyto cancer medications. As part of the new partnership, Amgen will invest $2.7 billion in the Chinese biotech, acquiring a 20.5% stake at $174.85 per American depository share.

(+) Amedisys (AMED) climbed almost 19% earlier Friday, reaching a best-ever $152.64 a share, after Robert W Baird raised its investment rating for the health care services company to outperform from neutral. The upgrade follows Amedisys late Tuesday reporting adjusted Q3 net income of $1.15 per share on $494.6 million in revenue.

(+) Bluebird Bio (BLUE) was 2% higher, reversing an earlier slide, after Friday's opening bell that followed the genetic therapy company reporting a Q3 net loss of $3.73 per share, expanding on a $2.73 per share loss during the year-ago period and missing the Capital IQ consensus expecting a $3.54 per share loss. Revenue fell 23% year-over-year to $8.91 million, trailing the $12.5 million Street view.

Price: 189.63, Change: +51.29, Percent Change: +37.08

Share this article:

Related Companies

Upgrade to Premium and Analyze Stocks Like a Pro

40% Off All Subscriptions
InvestorsObserver Premium
InvestorsObserver Premium
InvestorsObserver Premium
Save up to 57% with annual

InvestorsObserver Premium

$ 20.75 $ 12.45 /month
$249 $149.40 billed annually

You May Also Like