Health Care Sector Update for 12/07/2018: GBT, VIVE, CRON, MO, JNJ, PFE, MRK, ABT, AMGN

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Top Health Care Stocks:

JNJ -0.34%

PFE -1.63%

ABT -2.17%

MRK -1.84%

AMGN -3.12%

Health care stocks were lower in recent trading, including a 1.7% decline for the NYSE Health Care Index. Also, shares of health care companies in the S&P 500 were down 2% as a group, while the Nasdaq Biotechnology index was dropping about 2.5%.

Stocks moving on news include:

(-) Global Blood Therapeutics ( GBT ) fell 9% after the company priced a stock offering for gross proceeds of $150 million, before deductions.

In other sector news:

(+) Cronos Group ( CRON ) was up by more than 24% after Altria Group ( MO ) agreed to acquire a 45% equity stake in the Canada-based cannabis producer at a price of CAD16.25 per share, or an aggregate investment of approximately CAD2.4 billion ($1.8 billion).

(-) Viveve Medical ( VIVE ) was falling 27% after the medical technology company priced its underwritten public offering of 13.3 million shares for total gross proceeds of $20 million.

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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