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.


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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