Health Care Sector Update for 01/02/2019: OBLN,NTEC,PRQR,GMED

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Top Health Care Stocks

JNJ -1.26%

PFE -1.20%

ABT -4.25%

MRK -1.29%

AMGN -1.74%

Health care stocks declined, including a nearly 1.7% fall for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down over 1.8% as a group althoug the Nasdaq Biotechnology index was slipping nearly 0.2%, giving back a mid-day gain.

Among health care stocks moving on news:

(+) Obalon Therapeutics ( OBLN ) was over 11% higher in late Wednesday trading after the medical technology company said it has promoted Kelly Huang to chief executive officer, succeeding Andy Rasdal who will continue with the company as executive board chairman. Huang had been chief operating officer at Obalon since September 2017 and was promoted to president last August.

In other sector news:

(+) Intec Pharma ( NTEC ) rose as much as 11% on Wednesday after the Israeli biopharmaceuticals company said it has dosed the first patient in phase I testing of its AP-THC drug candidate, its proprietary pill platform containing synthetic tetrahydrocannabinol, one of the primary cannabinoids contained in marijuana.

(+) ProQR Therapeutics ( PRQR ) raced as much as 13% higher on Wednesday after the US Food and Drug Administration designated its QR-421a candidate to treat vision loss associated with Usher syndrome type 2 and non-syndromic retinitis pigmentosa due to mutations in exon 13 of the USH2A gene for fast-track consideration.

(-) Globus Medical ( GMED ) dropped to a new 52-week low, falling to $39.20 a share, after Morgan Stanley lowered its investment rating on the musculoskeletal implants company to equalweight from overweight and cut its price target on the company’s stock by $15 to $49.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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