Health Care Sector Update for 11/19/2018: MGTA,AKER,GSK,SNOA

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Top Health Care Stocks

JNJ +1.11%

PFE +1.41%

ABT -2.28%

MRK +0.17%

AMGN +0.21%

Health care stocks still were mostly lower this afternoon, including a more than 0.8% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down over 1.5% as a group while the Nasdaq Biotechnology index was slipping more than 2.4% today.

Among health care stocks moving on news:

(-) Magenta Therapeutics ( MGTA ) was down slightly more than 2% shortly before Monday’s closing bell, bouncing back from a nearly 10% decline previously in the session after the biotechnology company named Jason Ryan as its new chief operating and financial officer, effective on Jan. 1, 2019. He joins Magenta from Foundation Medicine, where he also was CFO and helped lead the company through its early, proof-of-concept stage into a global commercial organization and its July 2018 sale to Swiss drugmaker Roche.

In other sector 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 alternative. Akers also said it has hired the Feuerstein Kulick LLP law firm as its legal advisor as it continues to evaluate opportunities.

(+) 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 over 20% lower on Monday after the specialty drugmaker priced a best efforts public offering of equity 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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