Health Care Sector Update for 12/20/2018: FGEN,TWST,TLRY,BUD,SPPI

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Top Health Care Stocks

JNJ +0.63%

PFE -0.10%

ABT -1.20%

MRK -0.49%

AMGN -0.29%

Health care stocks outperformed most other sectors this afternoon, with the NYSE Health Care Index declining nearly 0.7% while shares of health care companies in the S&P 500 were down almost 1.3% as a group. The Nasdaq Biotechnology index slipped over 1.7%.

Among health care stocks moving on news:

(+) FibroGen ( FGEN ) rode a nearly 14% increase at one point on Thursday after saying its roxadustat drug candidate met all primary efficacy endpoints during recent Phase III testing, with the prospective anemia treatment demonstrating a statistically superior improvement in hemoglobin levels in patients with chronic kidney disease compared with patients treated with a placebo.

In other sector news:

(+) Tilray ( TLRY ) rose as much as 13% on Thursday after brewery giant Anheuser-Busch InBev ( BUD ) and the medical cannabis company announced a new joint venture to work on developing tetrahydrocannabinol- and cannabidiol-infused drinks for the Canadian recreational marijuana market. The companies also agreed to split a $100 million upfront investment in the partnership.

(-) Twist Bioscience Corp ( TWST ) slumped almost 20% on Thursday after the synthetic biology company reported a fiscal Q4 net loss of $6.59 per share, narrowly improving on a $6.68 per share net loss during the same period last year, while revenue grew 140% year over year to $8.4 million. Analyst projections were not available.

(-) Spectrum Pharmaceuticals ( SPPI ) plunged to an 18-month low on Thursday, sinking over 40% to its lowest share price since June 2017 at $6.22 each after the US Food and Drug Administration turned down its request for a breakthrough therapy designation for the company’s poziotinib experimental treatment for patients with metastatic non-small cell lung cancer whose tumors have EGFR exon 20 mutations.

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