Health Care Sector Update for 07/05/2019: TYME,ACER,MOR,GSK,CYTX
Top Health Care Stocks
Health care stocks turned lower this afternoon, including a more than 0.7% decline for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were down almost 0.7% as a group. The Nasdaq Biotechnology index was falling about 1.5%.
Among health care stocks moving on news:
(+) Tyme Technologies ( TYME ) was 18% higher, giving back almost two-thirds of a 46% decline soon after Friday’s opening bell after saying its SM-88 prospective therapy for patients with advanced pancreatic cancer continued to demonstrate “encouraging” results and a well-tolerated safety profile during phase II testing.
In other sector news:
(+) Acer Therapeutics ( ACER ) was 7% 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.
(-) MorphoSys AG ( MOR ) turned almost 4% higher in late trade, retracing most of an earlier 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 5% 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
Zeen is a next generation WordPress theme. It’s powerful, beautifully designed and comes with everything you need to engage your visitors and increase conversions.
Go to Appearance > Customize > Subscribe Pop-up to set this up.
Wealth Empire Newsletter
Register now for free updates and alerts
Note: I have the ability to revoke this permission at any time and ask for the removal of my personal data collected by contacting us or simply clicking Unsubscribe.