Health Care Sector Update for 11/10/2017: OVID,OMER,NVCN

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Health care stocks were putting up steep declines during Friday trading, with the NYSE Health Care Index dropping almost 0.8% while shares of health care companies in the S&P 500 were down slightly less than 0.7% as a group.

In company news, Ovid Therapeutics ( OVID ) climbed almost 21% on Friday, with shares of the specialty drugmaker reaching a session high of $9.00 each, after the company last night reported a smaller Q3 net loss than even the most optimistic securities analyst was expecting.

The company recorded a net loss attributable to common shareholders of $0.38 per share during the three months ended Sept. 30, paring a $0.59 per share net loss during the same quarter last year and beating the consensus $0.54 per share net loss expected by the four analysts polled by Capital IQ, including one analyst who forecast a $0.42 per share net loss at Ovid last quarter.

The company had no revenue during the quarter, as expected.

In other sector news,

(+) OMER, Reports Q3 net loss of $0.16 per share, paring a $0.34 per share loss during year-ago period and beating Street view expecting a $0.33 per share net loss. Revenue races 92% higher to $21.7 mln, also topping the $17.82 mln consensus.

(-) NVCN, Prices $37.5 mln public offering of over 6.6 mln Series A units - consisting of one common share, one Series B warrant and 0.4 of a Series C warrant - and nearly 19.1 million Series B units containing the same securities as a Series A unit plus 1.1765 of a Series F warrant at $1.46 per unit, matching Thursday's closing price for its common stock.

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: OVID , OMER , NVCN

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