Health Care Sector Update for 01/08/2019: EXEL,AXSM,AKRX

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Top Health Care Stocks

JNJ +2.13%

PFE +0.22%

ABT -1.83%

MRK +0.23%

AMGN +0.50%

Health care stocks were posting modest gains on Tuesday, including a 0.6% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 were up 0.6% as a group, while the Nasdaq Biotechnology index was up 0.3%.

Among health care stocks moving on news:

(+) Exelixis ( EXEL ) was nearly 5% higher in recent trading after the biotechnology firm said that its partner Daiichi Sankyo received Japanese regulatory approval for Minnebro, a hypertension drug. With the first commercial sale of Minnebro, the company will receive a $20 million milestone payment from Daiichi Sankyo.

In other sector news:

(+) Axsome Therapeutics ( AXSM ) jumped as much as 33% on Tuesday to reach its best share price since May 2016 at $9.16 each after the biopharmaceuticals company said it sold almost 2.9 million of its shares, generating about $23.3 million in gross proceeds through an existing at-the-market facility with Leerink Partners.

(+) Akorn ( AKRX ) was fractionally higher this afternoon after the generics drugmaker said Bruce Kutinsky has stepped down as chief operating officer although he will continue to work with the company through the end of March as a consultant and through the end of the year to help the legal department. No successor was immediately named.

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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