Health Care Sector Update for 12/21/2018: APVO,JAZZ,RCKT,PRGO
Top Health Care Stocks
Health care stocks ended mostly lower, including a 1.1% dip for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also were down over 1.0% as a group while the Nasdaq Biotechnology index slipped 3.8%.
Among health care stocks moving on news:
(-) Aptevo Therapeutics ( APVO ) fell as much as 11% on Friday after the biotechnology company announced a stock purchase transaction with Lincoln Park Capital, which agreed to buy up to $35 million of Aptevo shares over the next three years. The company already has issued an undisclosed amount of its stock to Lincoln Park as a commitment fee and said it will issue more shares once regulators declare a registration statement for the new shares effective.
In other sector news:
(-) Rocket Pharmaceuticals ( RCKT ) was slightly more than 7% lower in Friday trading. The gene therapy was selected to join the Nasdaq Biotechnology Index (^NBI), effective with the start of trading on Dec. 24.
(-) Jazz Pharmaceuticals ( JAZZ ) dropped to a nearly two-year low on Friday, sinking almost 12% to its lowest share price since January 2017 at $118.16 after the US Food and Drug Administration extended the review period for the company’s solriamfetol drug candidate by three months so it can better examine proposed labeling for the experimental nacrolepsy treatment.
(-) Perrigo Company ( PRGO ) shares fell over 29% after Irish regulators levied a EUR1.64 billion ($1.9 billion) tax liability on the pharmaceuticals company following its sale of the intellectual property and related assets underlying its Tysabri multiple sclerosis drug to Biogen ( BIIB ) in 2013.
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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