Health Care Sector Update for 12/24/2018: MB,ACOR,RDY

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Top Health Care Stocks

JNJ, -4.45%

PFE, -2.79%

ABT, -2.04%

MRK, -2.44%

AMGN, -0.25%

Health care stocks closed deep underwater, including a 2.4% decline for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also slipped 2.5% as a group. The Nasdaq Biotechnology index was down 1.2%.

Among health care stocks moving on news:

(+) MindBody ( MB ) soared 65% on Monday after the wellness and fitness technology company agreed to a $1.9 billion buyout offer from Vista Equity Partners, which will pay $36.50 in cash for each MindBody share, representing a 68% premium over Friday’s closing price. The deal, which includes a 30-day period for the company to solicit alternative offers. The deal is expected to close in Q1.

In other sector news:

(+) Acorda Therapeutics ( ACOR ) rose 6.4% on Monday after the US Food and Drug Administration late last week approved its Inbrija new candidate for the treatment of intermittent OFF episodes in people with Parkinson’s disease treated with a combination of carbidopa and levodopa.

(+) Dr. Reddy’s Laboratories Ltd ( RDY ) rose less than 1% after the India-based drug maker launched US sales of a generic version of Aggrenox containing aspirin and extended-release Dipyridamole.

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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