Sector Update: Health Care Stocks Declining in Late Trade

Wednesday, November 20, 2019 3:42 PM | MT Newswires

Top Health Care Stocks

JNJ +0.96%

PFE -1.45%

ABT -0.53%

MRK +0.51%

AMGN +0.34%

Health care stocks were ending lower on Wednesday, with the NYSE Health Care Index sliding over 0.4% lower this afternoon while the shares of health care companies in the S&P 500 were down nearly 0.3% as a group. The Nasdaq Biotechnology index was climbing almost 0.6% in late trade, reversing an earlier decline.

Among health care stocks moving on news:

(+) Canopy Growth (CGC) raced 16% higher on Wednesday after the US House Judiciary Committee voted 24-to-10 to approve a bill removing marijuana from the federal list of controlled substances and expunging most marijuana-related convictions and arrests at the national level. Other pot growers also were rising this afternoon, including a nearly 15% gain for Aurora Cannabis (ACB), a 5% advance by Tilray (TLRY) and a 4% increase for Cronos Group (CRON).

In other sector news:

(+) Kiniksa Pharmaceuticals (KNSA) climbed 26% on Wednesday after the US Food and Drug Administration designated its rilonacept drug candidate to treat recurrent pericarditis as a breakthrough therapy. The agency decision follows the company Monday saying patients using rilonacept showed fewer incidents of pericarditis and improved quality of life during phase II testing. Kikiksa currently is enrolling patients for a phase III trial.

(-) CRISPR Therapeutics AG (CRSP) was almost 1% lower this afternoon after the gene-editing company announced plans for a public offering of 4.25 million common shares. The company also will provide underwriters with a 30-day option to buy up to 637,500 more shares to cover potential overallotments.

(-) Checkpoint Therapeutics (CKPT) dropped 16% to a record low of about $1.26 a share after the immunotherapy and targeted oncology company Wednesday priced a $17 million public offering of 13.4 million shares of its common stock at $1.27 apiece, representing a 17% discount to Tuesday's closing price.

Price: 17.75, Change: +2.43, Percent Change: +15.83

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