Health Care Sector Update for 11/19/2018: AKER,GSK,SNOA
Top Health Care Stocks
Health care stocks were mostly lower this afternoon, including a 1% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down 1.6% as a group while the Nasdaq Biotechnology index was slipping more than 2.7%.
Among health care stocks moving on news:
(+) Akers Biosciences ( AKER ) raced as much as 160% higher on Monday after the rapid health information technologies company said it was continuing to explore potential strategic alternatives, including a possible business combination with a cannabis-related company. Akers also said it has hired the Feuerstein Kulick LLP law firm as its legal advisor as it continues to evaluate opportunities within the cannabis industry.
In other sector news:
(+) GlaxoSmithKline ( GSK ) was more than 1% higher after saying it has filed a supplemental biologics license application seeking an additional indication for its Nucala asthma medication as an add-on treatment for severe eosinophilic asthma in younger patients between six to 11 years old.
(-) Sonoma Pharmaceuticals ( SNOA ) slid more than 20% lower on Monday after the specialty drugmaker priced a best efforts public offering of units – consisting of one share of common stock and one half of a warrant to buy another share – at $1 per unit, a 9% discount to the stock’s closing price on Friday. The company expects to use the net proceeds for general corporate purposes, new product launches and working capital.
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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