Health Care Sector Update for 11/28/2018: IPCI,CPRX,GWPH

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Top Health Care Stocks

JNJ +0.34%

PFE +0.25%

ABT Unch

MRK +0.73%

AMGN +0.43%

Health care stocks were rising ahead of the opening bell, with shares of health care companies in the S&P 500 Wednesday climbing 0.2% as a group.

Among health care stocks moving on news:

(+) Intellipharmaceutics International ( IPCI ) jumped over 11% higher in Wednesday’s pre-market trading after saying US regulators have approved the company’s abbreviated new drug application for an extended-release version of venlafaxine hydrochloride capsules in the 37.5-, 75-, and 150-milligram strengths. The approved product is a generic equivalent of Wyeth’s Effexor XR branded medication to treat various forms of depression.

In other sector news:

(+) Catalyst Pharmaceuticals ( CPRX ) climbed nearly 3% during Wednesday’s early session after the company said there has been no decision yet by the US Food and Drug Administration on its Firdapse drug candidate, explaining that a contractor working on a web page unintentionally allowed a live screen to be seen indicating the agency had approved Catalyst’s new drug application for the experimental medication for the rare muscle disease. The FDA is scheduled to issue its decision later Wednesday after granting orphan drug designation to Firdapse in September 2016. The drug also has is the first and only drug approved by European regulators for the treatment of Lambert-Eaton myasthenic syndrome in adults.

(-) GW Pharmaceuticals ( GWPH ) was down almost 3% in Wednesday’s pre-market activity after the drugmaker missed analyst estimates with its fiscal Q4 revenue but also reiterated ambitions for its recently launched cannabinoid medicine for the treatment of certain forms of epilepsy. The company generated $2.4 million in sales during the three months ended Sept. 30, falling 4% from $2.5 million during the same quarter last year and trailing the Capital IQ consensus by about $900,000. The Q4 net loss was $0.23 per share, expanding on an $0.18 per share loss last year.

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