Health Care Sector Update for 01/03/2019: INCY,KTOV,CELG,BMY,TEVA

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Top Health Care Stocks

JNJ -1.33%

PFE -2.31%

ABT -4.52%

MRK -1.82%

AMGN -1.14%

Health care stocks were ending mostly lower, including a nearly 1.8% decline for the NYSE Health Care Index in late trade. The shares of health care companies in the S&P 500 also were down over 1.7% as a group although the Nasdaq Biotechnology index was climbing over 1.1% this afternoon following a number of industry merger proposals.

Among health care stocks moving on news:

(+) Incyte Corp ( INCY ) was almost 8% higher in late Thursday trading after the biopharmaceuticals company was raised to buy From neutral in an upgrade at Guggenheim.

In other sector news:

(+) Kitov Pharmaceuticals Holdings ( KTOV ) jumped to an 80% gain at one point during Thursday trading, topping out at $1.35 a share after the Isreali biotech announced an exclusive 15-year marketing and distribution agreement with privately held Coeptis Pharmaceuticals for the American market.

(+) Celgene ( CELG ) soared as much as 32% higher on Thursday after agreeing to a $74 billion buyout offer from Bristol-Myers Squibb ( BMY ), which will swap one of its shares and $50 in cash for each Celgene share. Celgene investors also will also receive one tradable contingent value right for each of their shares entitling the holder to additional payments as the biotech company reaches certain regulatory milestones.

(+) Teva Pharmaceutical Industries ( TEVA ) rose over 5% on Thursday after analysts at Bank of America Merrill Lynch increased their investment rating for the drugmaker to buy from underperform.

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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