Health Care Sector Update for 02/08/2019: INGN,BIOC,QURE,SGEN

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Top Health Care Stocks

JNJ flat

PFE +0.25%

ABT +0.9%

MRK +0.7%

AMGN +0.5%

Health care stocks were rebounding in afternoon trade, climbing from deeper declines recorded earlier, including a slightly more than 0.2% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down just over 0.1% as a group while the Nasdaq Biotechnology index managed a 0.3% gain.

Among health care stocks moving on news:

(-) Inogen ( INGN ) fell Friday, slipping over 1%, after a short-seller issued a negative research report about the Chinese health care concern, accusing the company of using “misleading statements and creating a “false narrative” to inflate the potential market for its portable oxygen tanks.

In other sector news:

(+) UniQure ( QURE ) climbed 8% on Friday after i t report ed more positive data for its AMT-061 investigational gene therapy for moderate to severe hemophilia B. The data indicated all three patients in the phase IIb trial continued to produce a blood-clotting protein at levels of up to 51% above normal for up to 16 weeks after AMT-061 was administered.

(-) Seattle Genetics ( SGEN ) dropped 12% on Friday after the specialty drugmaker said its adjusted Q4 net loss fell to $0.75 per share compared with a $0.41 per share loss during the year-ago quarter and missed analyst projections by $0.32 per share.

(-) Biocept ( BIOC ) tumbled 48% after the liquid biopsy company solutions earlier Friday priced a $7.5 million public offering of 6.3 million shares at $1.20 apiece, representing a 40.9% discount to Thursday’s closing price for its stock. Investors in the deal also received five-year warrants to buy up to 6.3 million additional shares also at $1.20 each.

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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