Health Care Sector Update for 09/11/2019: TTOO, LXRX, TLRY, SNY

Shutterstock photo

Top Health Care Stocks

JNJ +1.02%

PFE -0.58%

ABT +1.26%

MRK +1.59%

AMGN +0.03%

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.

Copyright (C) 2016 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.

Wealth Empire Newsletter
Register now for free updates and alerts

Subscribe By

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.