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

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Top Health Care Stocks

JNJ, +0.35%

PFE, -0.14%

ABT, -1.36%

MRK, -0.51%

AMGN, -0.56%

Health care stocks were lower Thursday but were also outperforming most other sectors this afternoon. At last look, the NYSE Health Care Index was declining 0.9%, while shares of health care companies in the S&P 500 were down 1.3% as a group. The Nasdaq Biotechnology index was slipping 2.1%.

Among health care stocks moving on news:

(-) Twist Bioscience Corp ( TWST ) slumped almost 21% 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.

In other sector news:

(+) Tilray ( TLRY ) rose as much as 13.5% after brewery giant Anheuser-Busch InBev ( BUD ) and the cannabis company announced a new joint venture to work on developing tetrahydrocannabinol- and cannabidiol-infused drinks for the Canadian marijuana market. The companies also agreed to split a $100 million upfront investment in the partnership.

(-) Spectrum Pharmaceuticals ( SPPI ) plunged 36% 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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