Sector Update: Health Care Stocks Set to Close Near Session Highs

Wednesday, November 27, 2019 3:29 PM | MT Newswires

Top Health Care Stocks

JNJ +0.75%

PFE +1.02%

ABT +0.26%

MRK +0.44%

AMGN +0.18%

Health care stocks extended their mid-day advance, with the NYSE Health Care Index climbing almost 0.7% in Wednesday trade while the shares of health care companies in the S&P 500 also were up nearly 0.6% as a group. The Nasdaq Biotechnology index was climbing over 0.8%.

Among health care stocks moving on news:

(+) Zosano Pharma (ZSAN) surged more than 23% higher on Wednesday after the biopharmaceuticals company said it priced a direct offering of nearly 2.2 million of 2,181,034 of its common shares to several institutional investors at $1.45 each, or about 4.6% under Tuesday's closing price. The company plans to use the net proceeds to fund pre-approval commercialization activities and for working capital and other general corporate purposes.

In other sector news:

(+) Tonix Pharmaceuticals Holding (TNXP) Wednesday climbed 11% after the drugmaker said official minutes from a recent Breakthrough Therapy Type B meeting with the FDA about phase III testing of its Tonmya prospective treatment for post-traumatic stress disorder were consistent with its prior remarks about the study design. Tonix also said it expects to report interim results from the 12-week study in early 2020, with top-line data due by mid-year.

(+) Aurora Cannabis (ACB) rose over 5% as the medical and recreational marijuana seller Wednesday opened its flagship retail store in North America's largest mall. The new store occupies nearly 11,000 square feet at the West Edmonton Mall in Alberta's capital city and includes an "immersive experiential space" where visitors can explore products and participate in events.

(-) Aravive (ARAV) fell almost 15% after the biopharmaceuticals company earlier Wednesday priced a $25 million public offering of 3.3 million common shares at $7.50 apiece, or 25% below Tuesday's closing price. Araviv is expecting to use the net proceeds to buy or license additional product candidates or invest in or acquire complementary businesses.

Price: 1.87, Change: +0.35, Percent Change: +23.03

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