Health Care Sector Update for 12/19/2018: GSK,PFE,FGEN,SURF
Top Health Care Stocks
Health care stocks were mostly higher, including a more than 0.7% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were up 0.7% as a group, while the Nasdaq Biotechnology index was ahead almost 1%.
Among health care stocks moving on news:
(+) GlaxoSmithKline ( GSK ) was almost 3% higher in recent trading after the pharmaceuticals giant disclosed plans to combine its consumer health business with Pfizer’s ( PFE ) consumer products subsidiary through a 68%/32% joint venture with combined sales of about $12.7 billion.
In other sector news:
(+) FibroGen ( FGEN ) climbed 6% on Wednesday after Citigroup raised its investment recommendation on the shares to buy from neutal and also set a $71 price target on the company’s stock.
(-) Surface Oncology ( SURF ) plunged over 41% to a worst-ever $4.36 a share after Wednesday saying it was significantly scaling back its SRF231 clinical program after experiencing two hematologic dose-limiting toxicities with the prospective cancer treatment at much lower dose than expected.
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