Health Care Sector Update for 03/01/2019: BIO,MRSN,PBYI,IMGN
Top Health Care Stocks
Health care stocks outpacing other sectors Friday, gaining strength this afternoon as the broader U.S. markets faltered. At last look, the NYSE Health Care Index was rising over 1.2% while shares of health care companies in the S&P 500 were up more than 1.4% as a group. The Nasdaq Biotechnology index was climbing nearly 2y%.
Among health care stocks moving on news:
(+) Bio-Rad Laboratories ( BIO ) streaked over 17% higher on Friday after the diagnostics and research supplies company reported a rise in adjusted Q4 net income to $2.13 per share from $1.90 per share during the year-ago period and topping the Capital IQ consensus by $0.40 per share. Sales slipped 0.6% year-over-year to $617.5 million but also topped the $609.6 million Street view.
In other sector news:
(+) Puma Biotechnology’s ( PBYI ) soared 40% Friday after reporting an adjusted Q4 net loss of $0.32 per share in Q4, improving on a $1.03 per share net loss during the final three months of 2017 and beating the Capital IQ consensus by $0.10 per share. Revenue more than tripled over year-ago levels, rising to $71.1 million from $21.6 million and also outpacing the $54.43 million Street view.
(-) Mersana Therapeutics ( MRSN ) plunged 13% after the early-stage biotech company said Friday it priced an $85 million public offering of 21.25 million shares of its common stock at $4 apiece, marking a 27.4% discount to its $5.51-a-share closing price Thursday. Net proceeds will support clinical development of its XMT-1536 anti-cancer drug candidate and to advance additional antibody drug conjugates to phase I testing.
(-) ImmunoGen ( IMGN ) dropped 47% after Friday saying its mirvetuximab soravtansine drug candidate failed to produce a statistically significant increase in progression free survival among patients with ovarian cancer compared with single agent chemotherapy. The experimental treatment also missed the primary endpoint in a subset of women with a high FRa expression during the phase III trial.
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