Health Care Sector Update for 12/11/2018: ITCI,ENTX,AMGN,RARX

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Top Health Care Stocks

JNJ +0.86%

PFE -1.09%

ABT +0.87%

MRK -0.72%

AMGN +0.41%

Health care stocks were narrowly mixed, including a 0.4% loss for the NYSE Health Care Index in recent trade. The shares of health care companies in the S&P 500 were up less than 0.1% as a group, while the Nasdaq Biotechnology index was falling 0.4% this afternoon.

Among health care stocks moving on news:

(+) Intra-Cellular Therapies ( ITCI ) climbed as much as 9% on Tuesday after the US Food and Drug Administration agreed to review the new drug application for the biotechnology company’s lumateperone product candidate for the treatment of schizophrenia.

In other sector news:

(-) Entera Bio ( ENTX ) was down fractionally Tuesday afternoon, giving back an earlier 26% rise that followed the specialty drugmaker announced a research collaboration and license agreement with Amgen ( AMGN ) worth up to $270 million. The company said it would use its proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has chosen.

(-) Ra Pharmaceuticals ( RARX ) declined about 11% on Tuesday after the biotechnology company dislosed plans for a $100 million public offering of its common stock. Net proceeds will being used to fund ongoing clinical development of its zilucoplan lead product candidate and for working capital.

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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