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