Health Care Sector Update for 11/16/2018: ARNA,UTHR,SGEN,HCM
Top Health Care Stocks
Health care stocks were advancing Friday, including a 0.7% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were up over 0.9% as a group while the Nasdaq Biotechnology index was ahead 0.3%.
Among health care stocks moving on news:
(+) Arena Pharmaceuticals ( ARNA ) was 6.5% higher this afternoon after RBC Capital Markets raised its price target on the biotech company by $5 to $70 a share, while also reiterating the outperform investment rating on the company’s stock. The move follows Arena Thursday announcing following signing a a global license agreement with United Therapeutics ( UTHR ) to develop Arena’s ralinepag drug candidate.
In other sector news:
(+) Seattle Genetics’ ( SGEN ) was trading about 6% higher Friday afternoon, after the US 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.
(-) 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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