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

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Top Health Care Stocks

JNJ +1.77%

PFE +1.47%

ABT +3.89%

MRK +1.03%

AMGN +1.62%

Health care stocks were rising this afternoon, including a nearly 1.7% gain for the NYSE Health Care index. Shares of health care companies in the S&P 500 also were climbing over 2% as a group while the Nasdaq Biotechnology index was more than 1.7% higher.

Among health care stocks moving on news:

(+) Tenet Healthcare ( THC ) was more than 6% higher after the hospital and specialty health care services operator Wednesday named Dr. Saumya Sutaria as its chief operating officer, effective on Jan. 6, 2019.

In other sector news:

(+) Catalyst Pharmaceuticals ( CPRX ) climbed over 10% on Wednesday after it 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 medicaton 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 is the first and only drug approved by European regulators for the treatment of Lambert-Eaton myasthenic syndrome in adults.

(-) Intellipharmaceutics International ( IPCI ) rose 2.9%, giving back much of its earlier advance, after the company said the US regulators 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.

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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