Health Care Sector Update for 12/19/2018: STRO,CELG,GSK,PFE,FGEN,SURF

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Top Health Care Stocks

JNJ -1.94%

PFE -1.08%

ABT -1.93%

MRK -0.82%

AMGN -1.22%

Health care stocks were mostly lower, including a more than 0.9% decline for the NYSE Health Care Index in late trade. Shares of health care companies in the S&P 500 also were down over 1.1% as a group while the Nasdaq Biotechnology index was falling more than 2.3%.

Among health care stocks moving on news:

(-) Sutro Biopharma ( STRO ) has turned higher again after the specialty drugmaker said it pocketed a $10 million milestone payment from Celgene ( CELG ) after using its spray drying technology to advance development of its XtractCF protein therapeutic.

In other sector news:

(+) FibroGen ( FGEN ) climbed as much as 8% on Wednesday after analysts at Citigroup raised their investment recommendation for the biotech company to buy from neutal and also set a $71 price target for the company’s stock.

(+) GlaxoSmithKline ( GSK ) was over 2% 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 generating around $12.7 billion in first-year sales.

(-) 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.

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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