Health Care Sector Update for 03/01/2019: BIO,MRSN,PBYI,IMGN

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Top Health Care Stocks

JNJ +0.35%

PFE +0.39%

ABT +0.31%

MRK +0.16%

AMGN +0.41%

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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