Health Care Sector Update for 01/09/2018: GBT,PTIE,PSTI,OFIX,AYI

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Top Health Care Stocks

JNJ +1.63%

PFE +0.03%

ABT +0.31%

MRK +0.37%

AMGN +1.99%

Health care stocks extended their advance this afternoon, including a more than 0.6% gain for the NYSE Health Care Index in late trade. Also today, shares of health care companies in the S&P 500 were up more than 1.3% as a group while the Nasdaq Biotechnology index was nearly 2.2% higher.

Among health care stocks moving on news today:

Global Blood Therapeutics ( GBT ) was almost 20% higher shortly before Tuesday's closing bell after the early-stage biotech company today said federal regulators have designated its voxelotor disease-modifying treatment of sickle cell disease as a breakthrough therapy. The new designation is intended to accelerate development and agency review of drug demonstrating preliminary clinical evidence for a substantial improvement over available therapy. Voxelotor previously received a priority medicines designation from the European Medicines Agency.

In other sector news:

+ Pain Therapeutics ( PTIE ) more than doubled in price on Tuesday, reaching a 16-month high, after issuing positive late-stage trial results for its Remoxy drug candidate and setting the stage for the company to soon resubmit a new drug application for the abuse-deterrent, extended-release oxycodone pain killer.

+ Pluristem Therapeutics ( PSTI ) rallied after federal regulators approved an Expanded Access Program for its investigational PLX-PAD cell treatment, allowing its use in patients with critical limb ischemia outside of clinical trials where they are often unsuitable for inclusion under study protocols.

+ Orthofix International ( OFIX ) advanced Tuesday after the medical device company today reported preliminary Q4 sales activity beating Wall Street expectations. Sales rose 7.7% during the three months ended Dec. 31 to $117 mln, topping the $112.3 mln analyst mean. It also sees FY18 sales growing between 4% to 5% to a range of $450 mln to $455 mln, also topping the Street view by at least $1.7 mln.

- Acuity Brands ( AYI ) declined after reporting below-consensus fiscal Q1 financial results. It earned $1.94 per share, missing the Capital IQ consensus by $0.08 per share. Revenue fell 1% to $842.8 mln, also trailing the $883.3 mln Street call.

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: GBT , PTIE , PSTI , OFIX , AYI

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