Health Care Sector Update for 01/03/2019: KTOV,OHRP,CELG,BMY

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Top Health Care Stocks

JNJ -1.36%

PFE -1.98%

ABT -3.94%

MRK -1.51%

AMGN -0.97%

Health care stocks were mostly lower, including a 2.2% decline for the NYSE Health Care Index in recent trade. The shares of health care companies in the S&P 500 also were down 1.8% as a group, although the Nasdaq Biotechnology index was climbing almost 1% following industry deal news.

Among health care stocks moving on news:

(+) Kitov Pharmaceuticals Holdings ( KTOV ) jumped to an 80% gain at one point during Thursday trading, topping out at $1.35 a share, after the Israeli biotech company announced an exclusive 15-year marketing and distribution agreement with privately held Coeptis Pharmaceuticals for the US market.

In other sector news:

(+) Ohr Pharmaceuticals ( OHRP ) was over 68% higher in recent trading after the microcap biotech firm announced a reverse merger with privately held NeuBase Therapeutics that would create a public company focused on commercializing NeuBase's technology platform to treat diseases caused by genetic mutations. Ohr Pharma shareholders would own about 20% of the combined company.

(+) Celgene ( CELG ) soared as much as 32% on Thursday after agreeing to a $74 billion buyout offer from Bristol-Myers Squibb ( BMY ), which will swap one of its shares and $50 in cash for each Celgene share. Celgene investors also will also receive one tradable contingent value right for each of their shares entitling the holder to additional payments as the biotech company reaches certain regulatory milestones.

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: KTOV , OHRP , CELG , BMY

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