Health Care Sector Update for 12/27/2018: SESN,AXSM,HSIC,BSX

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Top Health Care Stocks

JNJ -0.13%

PFE +0.81%

ABT +0.65%

MRK +1.23%

AMGN +0.82%

Health care stocks were mixed, including a slightly more than 0.1% drop for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were up nearly 0.4% as a group while the Nasdaq Biotechnology index was slipping almost 0.8%.

Among health care stocks moving on news:

(+) Sesen Bio ( SESN ) was maintaining an 8% bulge late in Thursday trading, retreating from a more than 16% gain earlier in the session that followed the company disclosing plans for a Jan. 3 new conference to update investors on Phase III testing of its Vicinium prospective treatment for patients with high-grade non-muscle invasive bladder cancer who have been previously treated with bacillus Calmette-Guerin. Vicinium previously received fast-track designation from the US Food and Drug Administration to allow for its expedited development and review.

In other sector news:

(-) Axsome Therapeutics ( AXSM ) was 2% lower shortly before Thursday’s closing bell. The company earlier said it has randomized 90% of the target number of patients with treatment-resistant depression for double-blind testing of its AXS-05 drug candidate. Top-line results from the phase III trial are due during the first three months of 2019.

(-) Henry Schein Inc. ( HSIC ) was near flat late on Thursday after filing regulatory documents for the planned spinoff of its animal health unit into a stand-alone business and its subsequent merger with Vets First Choice.

(+) Boston Scientific ( BSX ) gained almost 2% after the medical device conglomerate exercised its option to acquire the remaining shares of privately held Millipede Inc for $325 million following the successful completion of a first-in-human clinical study of Millipede’s IRIS transcatheter annuloplasty ring system for the treatment of severe mitral regurgitation in patients who cannot tolerate open-heart surgery. Boston Scientific paid $90 million for an undisclosed stake in Millipede last January.

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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