Health Care Sector Update for 11/23/2018: ESRX,CI,NVO,IPCI
Top Health Care Stocks
Health care stocks were gaining in defensive trading today, including a more than 0.4% advance for the NYSE Health Care Index in late trade. Shares of health care companies in the S&P 500 also were up over 0.4% as a group while the Nasdaq Biotechnology index was ahead 0.8% today.
Among health care stocks moving on news:
(+) Express Scripts ( ESRX ) rose as much as 2% on Friday after the pharmacy benefits manager late Wednesday said in a regulatory filing it was postponing the closing date for its proposed merger with health care services company Cigna ( CI ) by another six months until June 8, 2019. The companies Wednesday exchanged mutual notices extending the original Dec. 8 termination date with no other changes to the merger agreement, they said.
In other sector news:
(+) Novo Nordisk A/S ( NVO ) climbed about 2% on Friday after saying its semaglutide drug candidate produced statistically significant reductions in HbA levels compared with either Victoza or a placebo during Phase IIIa testing in Japanese adults with diabetes. The 52-week trial tested the safety and efficacy of a oral formulation of semaglutide, which is an investigational GLP-1 taken once daily as a tablet.
(-) Intellipharmaceutics International ( IPCI ) was fractionally lower on Wednesday after saying it has signed an exclusive licensing and distribution deal for its abuse resistant, extended release oxycodone product candidate with a pharmaceutical distributor in the Philippines. The company also signed a similar deal for four additional generic extended release drug products: Seroquel XR, Focalin XR, Glucophage XR, and Keppra XR.
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