Sector Update: Health Care Stocks Lose Slightly More Ground This Afternoon

Monday, January 27, 2020 3:45 PM | MT Newswires

Top Health Care Stocks

JNJ +0.32%

PFE +1.33%

ABT -0.83%

MRK +0.19%

AMGN -1.11%

Health care stocks declined Monday but still were outperforming most other industry sectors in late Monday trade. At last look, the NYSE Health Care Index was declining about 0.6% while the shares of health care companies in the S&P 500 also were down 0.6% as a group. The Nasdaq Biotechnology index was sinking 0.5%.

Among health care stocks moving on news:

(-) NeuroMetrix (NURO) tumbled almost 26% after the medical device company reported a 54% revenue decline during its Q4 ended Dec. 31 compared with year-ago levels, falling to $1.71 million. The Q4 net loss was $1.06 million, improving on a $2.80 million loss during the final three months of 2018. Per-share earnings and analyst estimates were not available.

In other sector news:

(+) NanoViricides (NNVC) soared Monday, earlier climbing 110% to its best share price since March 2018 at $17.77 each, after the anti-viral therapies company late Friday completed an $8.625 million public offering of 2.875 million common shares, which includes the underwriter exercising its over-allotment option, at $3 apiece, or 64.5% under Friday's closing price. The $7.78 million in net proceeds will be used to fund general corporate purposes along with funding ongoing operations and repaying certain accounts owed to related parties.

(+) Meridian Bioscience (VIVO) rose 22% shares on Monday after the diagnostic test kit seller said it has seen a significant increase in demand for its Lyo-Ready One-Step RT-qPCR mix kit as labs in China work to develop screening assays for coronavirus. The company also said its manufacturing team is working to supply the reagents needed to detect the virus.

(-) CRISPR Therapeutics AG (CRSP) fell 2% after a new regulatory filing showed German pharmaceuticals giant Bayer AG recently cut its equity interest in the gene-editing company by about 632,100 shares and lowered its ownership stake to nearly 3.69 million shares, or about 6.1% of its outstanding stock. Bayer earlier this month said it sold about 1.39 million CRISPR shares between Dec. 18 to Jan 8, reducing its stake to around 7.1%.

Price: 3.48, Change: -1.27, Percent Change: -26.74

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