Health Care Sector Update for 10/18/2016: JNJ,PFE,ABEO,ICCC

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Top Health Care Stocks

JNJ -2.70%

PFE +0.58%

MRK +0.93%

ABT +1.43%

AMGN +0.11%

Health care stocks were broadly higher in afternoon trade, with the NYSE Health Care Index climbing almost 1.2% while shares of health care companies in the S&P 500 also were up 1.2% as a group.

In company news, Johnson & Johnson ( JNJ ) remained underwater deep into Tuesday trading, with shares of the health care conglomerate still holding near their session low after rival Pfizer ( PFE ) late yesterday said it will begin selling a biosimilar medication to J&J's Remicade arthritis treatment late next month.

Remicade generated around $1.22 billion in sales for Johnson & Johnson during the three months ended Sept. 30, up 9.4% over the same quarter last year, and is projected to produce over $5 billion in sales this year. Pfizer plans to market its Inflectra medication as a treatment for Crohn's disease, ulcerative colitis and severe plaque psoriasis in addition to certain forms of arthritis.

Worries over the new competition for Remicade upstaged better-than-expected Q3 financial results at Johnson & Johnson earlier today, with the company reporting net income of $1.68 per share on $17.82 in revenue. That beat a year-ago profit of $1.49 a share on $17.1 billion in revenue and topping the Capital IQ consensus expecting earnings of $1.66 per share and revenue of $17.74 billion.

JNJ shares finished 2.7% lower at $115.30 apiece, recovering slightly from a session low of $115.16 a share. PFE shares rose nearly 1% at $32.69 each, easing from a prior advance to $32.87 a share.

In other sector news,

(+) ABEO, Receives orphan drug designation by European regulators for its ABO-102 gene therapy in patients with Sanfilippo syndrome type A.

(-) ICCC, Launches $3.5 mln private placement of 659,880 shares of its common stock at $5.25 each.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , US Markets
Referenced Symbols: JNJ , PFE , ABEO , ICCC

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