Health Care Sector Update for 09/11/2019: TTOO, LXRX, TLRY, SNY
Top Health Care Stocks
Health care stocks were rising Wednesday, with the NYSE Health Care Index climbing nearly 0.6% while shares of health care companies in the S&P 500 gained nearly 0.9% as a group. The Nasdaq Biotechnology index was ahead almost 1.3%.
Among health care stocks moving on news:
(+) T2 Biosystems ( TTOO ) jumped 59% on Wednesday after the diagnostic products company said it has restructured a term loan agreement with CRG Servicing. It extended the interest-only payment period by an extra year until March 2022 and lowered the minimum revenue targets for 2020 to 2022 below its current financial forecast in exchange for issuing 10-year warrants to CRG to buy up to 568,291 shares at $1.55 apiece and cut the exercise price for warrants previously issued to CRG to the same price.
In other sector news:
(+) Lexicon Pharmaceuticals ( LXRX ) was nearly 30% higher, easing from a 58% spike soon after Wednesday’s opening bell, after the firm terminated its alliance with Sanofi ( SNY ) to develop and commercialize its Zynquista diabetes drug. The company regains all rights to Zynquista and will receive $208 million upfront along with another $52 million due within 12 months.
(-) Tilray ( TLRY ) dropped more than 2% after the cannabis company announced plans to sell up to $400 million of its Class 2 common shares through an at-the-market offering through Cowen & Co.
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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