Health Care Sector Update for 09/12/2017: HIIQ,ALDX,SAGE

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Top Health Care Stocks

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MRK +0.41%

AMGN +0.86%

Health care stocks were narrowly mixed, with the NYSE Health Care Index rising over 0.1% Tuesday while shares of health care companies in the S&P 500 were down less than 0.1% as a group.

In company news, Health Insurance Innovations ( HIIQ ) retreated Tuesday, falling as much as 20% to a session low of $18.70 a share despite efforts to refute accusations Monday by a short-seller in a Seeking Alpha article the health care insurer could soon be on the hook for up to $100 million in fines as result of a multi-state probe led by state regulators in Indiana.

The company responded Tuesday morning, stating lead regulators have not yet provided any written findings in the investigation and argued facts in the case do not support the alleged $100 million fine. "This amount does not correspond to any estimates, analyses, or communications undertaken or made by the company," it said, later asserting it "does not believe that this number has any basis in fact."

At least one sell-side shop agreed, with Lake Street Research concluding Tuesday the Seeking Alpha article was "rehashing old benign regulatory items that have little or no materiality" and reiterated its $37 price target for the stock, also saying it would be aggressive buyers at its current price levels.

In other sector news,

(+) ALDX, (+47.6%) ADX-102 topical ocular drug candidate shows statistically significant improvement in patients with dry eye disease across multiple sign and symptom endpoints during Phase II patients.

(-) SAGE, (-15.8%) Brexanolone drug candidate to treat a life-threatening seizure condition called super-refractory status epilepticus failed to meet its primary endpoint of statistical superiority compared with a placebo during Phase III testing.

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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This article appears in: Investing , US Markets
Referenced Symbols: HIIQ , ALDX , SAGE

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