Health Care Sector Update for 11/16/2018: AMED,ARNA, SGEN,HCM
Top Health Care Stocks
Health care stocks recovered Friday, including a more than 1.0% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 also were up just over 1.0% as a group while the Nasdaq Biotechnology index was ahead nearly 0.9% today.
Among health care stocks moving on news:
(+) Amedisys ( AMED ) Friday rose to a new record high, climbing more than 5% to a best-ever $128.59 a share, after analysts at UBS began coverage of the health care services company with a Neutral stock rating and a $126 price target. The move follows Amedisys Oct. 2 closing on its acquisition acquiring privately held Bring Care Home, a personal care services provider operating in the north of Boston region. The purchase price and other details of the transaction were not disclosed.
In other sector news:
(+) Arena Pharmaceuticals ( ARNA ) was almost 7% higher this afternoon, retracing much of a prior 8.5% advance that followed analysts at RBC Capital Markets raising their price target for the biotech company by $5 to $70 a share, while also reiterating the Outperform investment rating for the company’s stock.
(+) Seattle Genetics’ ( SGEN ) was trading about 5% higher Friday afternoon, drifting off a 7% rise in recent trading after the U.S. Food and Drug Administration approved the company’s Adcetris monoclonal antibody, in combination with chemotherapy, as the first of its kind treatment of adult patients with certain types of peripheral T-cell lymphoma. (PTCL) by the US Food and Drug Administration.
(-) Hutchison China MediTech ( HCM ) fell as much as 29% on Friday after saying its fruquintinib drug candidate failed to meet the primary endpoint of demonstrating a statistically significant increase in overall survival in patients with advanced non-small cell lung cancer compared to placebo during Phase III testing.
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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