Health Care Sector Update for 11/30/2018: MRTX,SRRA,SNDX,LH

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Top Health Care Stocks

JNJ +0.14%

PFE +1.30%

ABT +0.88%

MRK +1.46%

AMGN +2.42%

Health care stocks extended their earlier gains this afternoon, including an almost 0.7% increase for the NYSE Health Care index. The shares of health care companies in the S&P 500 were more than 0.7% higher late while the Nasdaq Biotechnology index was racing more than 1.1% higher.

Among health care stocks moving on news:

(+) Mirati Therapeutics ( MRTX ) was back near its session high Friday afternoon, rising almost 3% after U.S. regulators late Thursday signed off on the investigational new drug application for the company’s MRTX849 drug candidate, clearing the decks for Mirati to begin Phase I/II testing of the small molecule inhibitor in patients with molecularly-identified KRAS G12C-positive cancers.

In other sector news:

(+) Sierra Oncology ( SRRA ) gave up an early 4% pop higher soon after Friday’s opening bell, more recently sinking as much as 5% despite reporting positive preclinical data for its SRA737 drug candidate, saying the novel oral Chk1 inhibitor showed significant anti-tumor activity for small-cell lung cancer.

(+) Syndax Pharmaceuticals ( SNDX ) added as much as 3% to its share price on Friday after 683 Capital Management late Thursday disclosed owning 1.245 million Syndax shares, equal to a 5.0% passive stake in the biotechnology company.

(-) Laboratory Corp. of America Holdings ( LH ) dropped over 11% on Friday after cutting its FY18 earnings outlook, blaming lower-than-expected volume growth for its LabCorp Diagnostics unit. It now is expecting non-GAAP net income in a range of $10.95 to $11.05 per share, down from its prior range expecting between $11.25 to $11.45 per share and trailing the Capital IQ consensus by at least $0.30 per share.

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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