Health Care Sector Update for 11/26/2018: ALNY,BHVN,EDGE
Top Health Care Stocks
Health care stocks were moderately higher Monday, including a nearly 0.3% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were up nearly 0.5% as a group while the Nasdaq Biotechnology index was ahead almost 0.7%.
Among health care stocks moving on news:
(+) Alnylam Pharmaceuticals ( ALNY ) recently pushed out to a more than 6% advance after the genetic therapies company and Vir Biotechnology said they have begun phase I/II testing their VIR-2218 drug candidate in patients with chronic hepatitis B virus infections. Alnylam originated VIR-2218 as ALN-HBV02 but the name changed after Vir licensed the anti-viral medication. The new study also marks the first clinical use of Alnylam’s enhanced stabilization chemistry-plus GalNAc conjugate delivery platform
In other sector news:
(+) Biohaven ( BHVN ) still was fractionally higher late Monday after the company said the U.S. Food and Drug Administration has accepted the company’s new drug application for its BHV-0223 drug candidate. The application is supported by data demonstrating the efficacy, tolerability and safety of the riluzole-based investigational treatment for amyotrophic lateral sclerosis.
(-) Edge Therapeutics ( EDGE ) was up nearly 6% on Monday, easing from a more than 20% rise that followed the company’s agreeing to an all-stock buyout offer from privately held PDS Biotechnology Corp. Under terms of the proposed transaction, Edge investors will swap all of their shares for an undisclosed ratio of PDS shares that will provide Edge shareholders with a 30% stake in the combined companies. The deal is expected during the first three months of 2019, subject to shareholder approval at both firms and other customary closing conditions.
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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