Sector Update: Health Care Stocks Rising in Friday Trade

Friday, November 1, 2019 1:34 PM | MT Newswires

Top Health Care Stocks

JNJ -0.48%

PFE +0.61%

ABT -0.08%

MRK -1.48%

AMGN +1.69%

Health care stocks were mostly higher, with the NYSE Health Care Index rising nearly 0.7% in afternoon trading while shares of health care companies in the S&P 500 also were ahead almost 0.6% as a group. The Nasdaq Biotechnology index was climbing more than 2%.

Among health care stocks moving on news:

(+) BeiGene (BGNE) jumped out to a 16-month high on Friday, rising 35% to $186.88 a share, 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.

In other sector news:

(+) Amedisys (AMED) climbed almost 19% earlier Friday, reaching a best-ever $152.53 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 over 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: 186.29, Change: +47.95, Percent Change: +34.66

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