Health Care Sector Update for 02/27/2019: MYL,GWPH,TNDM,SGYP
Top Health Care Stocks
Health care stocks were mostly lower in late trade, including a more than 0.4% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down over 0.4% as a group although the Nasdaq Biotechnology index was climbing nearly 1.4%.
Among health care stocks moving on news:
(-) Mylan NV ( MYL ) tumbled almost 15% after late Tuesday reporting adjusted Q4 net income of $1.30 per share, down from $1.43 per share during the year-ago period and missing the Capital IQ consensus for the three months ended Dec. 31 by $0.06 per share. The generic and over-the-counter drug maker also forecast adjusted FY19 earnings trailing the $5.02 per share analyst mean by at least $0.22 per share.
In other sector news:
(+) Tandem Diabetes Care ( TNDM ) raced 26% higher after late Tuesday reporting a surprise Q4 profit of $0.02 per share, reversing a $1.23 per share during the year-ago period and beating the Capital IQ consensus looking for a Q4 net loss of $0.20 per share.
(+) GW Pharmaceuticals ( GWPH ) climbed as much as 17.5% on Wednesday, stopping just 3 cents shy of its 52-week high of $179.65, after the British drugmaker reported a smaller-than-expected Q4 net loss of $0.20 per share, unchanged from the year-ago period and topping the Capital IQ consensus expecting a $0.24 per share net loss for the three months ended Dec. 31.
(-) Synergy Pharmaceuticals ( SGYP ) plunged as much as 67% to a record low of $0.0661 after late Tuesday saying Bausch Health ( BHC ) made the winning $195 million bid during a bankruptcy auction to acquire certain assets of the specialty drugmaker, including its flagship Trulance medication to treat chronic idiopathic constipation and irritable bowel syndrome as well as its dolcanatide experimental treatment for several gastrointestinal conditions. Bausch also assumed certain Synergy liabilities as part of the transaction.
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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