Health Care Sector Update for 12/14/2018: IDRA, KANG, AXON

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Top Health Care Stocks

JNJ, -10.2%

PFE, -2%

MRK, -2.6%

ABT, -2.3%

AMGN, -2.8%

Health care stocks extended their declines through Friday trading, with the NYSE Health Care Index dropping to a 3.2% retreat this afternoon while shares of health care companies in the S&P 500 were down 3.5% as a group.

In company news, Idera Pharmaceuticals ( IDRA ) sank nearly 30% after reported that its drug to treat metastatic melanoma, or spreading skin cancer, is “promising,” and slated a conference call. Idera dosed patients in a phase 2 trial with its drug tilsotolimod, in combination with ipilimumab, also a drug to treat melanoma made by Bristol-Myers Squibb ( BMY ). Idera said 32.4% of patients evaluable for efficacy achieved partial response or better; 76.5% of patients achieved disease control. The drug-maker said the results from this combination were among the most promising seen in the challenging population of metastatic melanoma patients who have not benefited from front-line immunotherapy.

In other sector news,

(+) iKang Healthcare Group ( KANG ) Enters into a third amendment on its merger agreement with IK Healthcare Investment

(-) Axovant Sciences ( AXON ) Prices its underwritten public offering of 30 million of its common shares at $1 per share, an 11% discount to the most recent closing price

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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