Health Care Sector Update for 07/05/2019: ACER,MOR,GSK,CYTX
Top Health Care Stocks
Health care stocks were broadly mixed, including a more than 0.8% decline for the NYSE Health Care Index while shares of health care companies in the S&P 500 were down almost 0.5% as a group. The Nasdaq Biotechnology index was falling nearly 0.6%.
Among health care stocks moving on news:
(+) Acer Therapeutics ( ACER ) was 6% lower this afternoon, reversing a mid-morning advance. The company said Friday it was cutting 60% of its workforce, eliminating 29 jobs and suspending pre-commercial activities for its Edsivo drug candidate after receiving a complete response letter from the US Food and Drug Administration regarding the prospective treatment of Ehlers-Danlos syndrome. The restructuring is intended to preserve resources needed to keep the business operating through 2020.
In other sector news:
(-) MorphoSys AG ( MOR ) turned 1% lower in recent trade, giving back a nearly 4% rise. The drugmaker late Wednesday said licensing partner GlaxoSmithKline plc ( GSK ) has begun phase III testing of its otilimab drug candidate in patients with moderate to severe rheumatoid arthritis, triggering an EUR22 million to MorphoSys and prompting the company to raise its FY19 revenue by an equal amount to a new range of EUR65 million to EUR72 million.
(-) Cytori Therapeutics ( CYTX ) fell nearly 1% on Friday after the company said controller Alan Lins was promoted to chief financial officer, replacing Gary Titus, who resigned. The regenerative and oncologic therapies company also said it was eliminating 46% of its jobs in California and Texas and outsourcing most of its operations in a bid to better focus on its drug pipeline and extend its cash resources.
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