Health Care Sector Update for 12/04/2018: NVLN, RVNC, ARDS

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Top Health Care Stocks

JNJ, +0.4%

PFE, -1.5%

MRK, -0.9%

ABT, -3.1%

AMGN, -1.9%

Health care stocks extended their declines through Tuesday trading, with the NYSE Health Care Index dropping to more than 1% this afternoon while shares of health care companies in the S&P 500 were down nearly 2% as a group.

In company news, Novelion Therapeutics ( NVLN ) shares gained nearly 32% after one of the company’s largest shareholders urged the its board to consider all strategic options and “not simply choose the most expedient solution for debt-holders at the expense of the equity holders.” Healthcare Value Capital, which owns 1.8 million shares, or 9.52% of the outstanding shares, believes that what it calls chronic mismanagement and poor oversight by the board have caused “severe financial distress,” and that the intrinsic value of Novelion as a stand-alone entity far exceeds the $600 million under distressed conditions.

In other sector news,

(+) Revance Therapeutics ( RVNC ) Enters into a license agreement with Shanghai Fosun Pharmaceutical Industrial Development Co. for the exclusive rights to develop and commercialize the company’s DaxibotulinumtoxinA for injection (RT002) in mainland China, Hong Kong and Macau

(-) Aridis Pharmaceuticals, Inc. ( ARDS ) Says Cystic Fibrosis Foundation has more than doubled its research agreement for the clinical development of AR-501

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