Health Care Sector Update for 12/26/2018: CAPR,IMMU,ABBV,NEOS,TEVA

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Top Health Care Stocks

JNJ +2.51%

PFE +3.63%

ABT +5.58%

MRK +3.56%

AMGN +4.61%

Health care stocks were posting strong gains Wednesday afternoon, including a more than 2.6% rise for the NYSE Health Care Index in late trade. Shares of health care companies in the S&P 500 also were up over 3.7% as a group while the Nasdaq Biotechnology index climbed about 5.3%.

Among health care stocks moving on news:

(-) Capricor Therapeutics ( CAPR ) slid 26% to a record low of 33 cents a share on Wednesday, and later received a downgrade to hold from buy by analysts at Maxim, after saying it was temporarily shelving Phase II testing of its CAP-1002 drug candidate to treat Duchenne muscular dystrophy after a patient with the muscle-wasting disease experienced a severe allergic reaction during infusion of the drug.

In other sector news:

(+) Immunomedics ( IMMU ) rose as much as 13% on Wednesday after the biopharmaceuticals company said it was expanding its long-term master supply agreement with Johnson Matthey, which will continue to ramp up production of its CL2A-SN-38 drug-linker that is a key component of Immunomedics’ sacituzumab govitecan treatment for metastatic triple-negative breast cancer. Financial terms were not immediately available.

(+) AbbVie ( ABBV ) was more than 3% higher Wednesday after Standpoint Research began coverage of the drugmaker with a buy investment recommendation.

(-) Neos Therapeutics ( NEOS ) fell 4.4% Wednesday after the specialty drugmaker disclosed a confidential settlement and licensing agreement resolving all patent-related litigation with Teva Pharmaceutical Industries Ltd ( TEVA ) over the larger rival’s bid to make a generic version of Neos’ Cotempla XR-ODT extended-release orally disintegrating tablets.

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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