Health Care Sector Update for 02/01/2019: TTNP,ZBH,NVO,CTIC

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Top Health Care Stocks

JNJ +0.74%

PFE +0.94%

ABT -1.18%

MRK +2.96%

AMGN -0.13%

Health care stocks were narrowly mixed late Friday, including a nearly 0.1% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down less than 0.1% as a group while the Nasdaq Biotechnology index was climbing over 0.3%.

Among health care stocks moving on news:

(+) Titan Pharmaceuticals ( TTNP ) was more than 35% higher on Friday after the drugmaker reported a double-digit increase in total product shipments since making responsibility for sales of its Probuphine buprenorphine implant device last June.

In other sector news:

(+) Zimmer Biomet ( ZBH ) climbed over 6% after the medical device company reported adjusted Q4 net income of $2.18 per share, up from $2.10 during the same period last year and easing past the Capital IQ consensus by $0.01 per share. Total revenue was little changed from year-ago levels at $2.07 billion, also narrowly topping the $2.06 billion analyst mean.

(+) Novo Nordisk ( NVO ) was more than 3% higher after Friday reporting FY18 net sales of DKK111,831 billion, or about $17.16 billion, up from DKK111,696 billion during the previous year and beating the $17.07 billion Street view. Looking forward, the company is looking for FY19 sales growth between 2% to 5%, as measured in local currencies.

(-) CTI BioPharma ( CTIC ) tumbled almost 16% on Friday after saying it was withdrawing its application for European marketing authorization for its pacritinib drug candidate following discussions with regulators who indicated they would not approve the prospective treatment for myelofibrosis with the company’s current clinical data.

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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