Health Care Sector Update for 12/03/2018: ARGX,GBT,GSK,TSRO,AGIO

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Top Health Care Stocks

JNJ -0.47%

PFE -0.64%

ABT +0.11%

MRK -0.48%

AMGN -3.05%

Health care stocks turned mixed this afternoon, including a 0.1% gain for the NYSE Health Care Index in late trade. Also, shares of health care companies in the S&P 500 were down almost 0.7% as a group although the Nasdaq Biotechnology index was ahead over 1.1% today.

Among health care stocks moving on news:

(+) argenx SE ( ARGX ) reached a new record high on Monday, rising 15% to a best-ever $111.34 a share, after the biotech company signed a global collaboration and license agreement for its usatuzumab drug candidate to treat acute myeloid leukemia with a Johnson & Johnson ( JNJ ) subsidiary, Cilag GmbH International. The early-stage drugmaker received a $300 million upfront cash payment as part of the deal and J&J also agreed to buy $200 million of its stock.

In other sector news:

(+) TESARO ( TSRO ) rallied Monday, topping out with a 59% gain, agreed to a $5.1 billion buyout offer from pharmaceuticals giant GlaxoSmithKline ( GSK ), which is seeking to accelerate its oncology pipeline. At the heart of the deal is Tesaro’s Zejula oral medication, a so-called poly ADP ribose polymerase inhibitor that’s already approved for use in the United States and the European Union for patients with recurrent ovarian cancer who’ve responded to platinum-based chemotherapy.

(+) Global Blood Therapeutics ( GBT ) climbed 40% at one point on Monday after the early-stage biopharmaceuticals company said the U.S. Food and Drug Administration has agreed with its request for an accelerated approval pathway for the company’s voxelotor drug candidate for the treatment of sickle cell disease.

(-) Agios Pharmaceuticals (AGIO) retreated Monday, dropping as much as 11%, after presenting updated efficacy and safety data from Phase I testing of its ivosidenib drug candidate in patients with previously untreated acute myeloid leukemia, telling the 60th American Society of Hematology annual meeting in San Diego the ivosidenib produced a 30.3% complete response rate and a rate of complete response with partial hematologic recovery.

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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