Health care stocks were declining Tuesday, including a 1% drop for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down 0.8% as a group, while the Nasdaq Biotechnology index was falling nearly 0.2%.
Among health care stocks moving on news:
(+) Agilent Technologies ( A ) raced 7% higher after the diagnostics firm beat Wall Street expectations on both its top and bottom lines during its Q4 ended Oct. 31 and guided its FY19 earnings at least $0.03 per share higher than the $2.97 per share Street view. Excluding one-time items, net income grew 21% over year-ago levels to $0.81 per share and exceeded the Capital IQ consensus by $0.07 per share. Revenue rose 9% year-over-year to $1.29 billion from $1.19 billion last year and also topping the $1.26 billion analyst mean.
In other sector news:
(+) Bio Blast Pharma ( ORPN ) surged 48% Tuesday before drifting off that level to a gain of about 17%, after the early-stage biotechnology company announced plans for a reverse merger with privately held immunotherapy company, Enlivex Therapeutics. Financial terms of the proposed transaction were not disclosed, but Enlivex equity holders are expected to own about 96% of the combined companies, subject to customary adjustments and prior to any concurrent financing.
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