Health Care Sector Update for 12/26/2018: IMMU,ABBV,NEOS,TEVA
Top Health Care Stocks
Health care stocks were rising, including a more than 1.8% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were up almost 2.4% as a group, while the Nasdaq Biotechnology index was climbing over 4.4%.
Among health care stocks moving on news:
(+) Immunomedics ( IMMU ) rose as much as 10% 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.
In other sector news:
(+) 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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