Top Health Care Stocks
Health care stocks were continuing to do outpace most other sectors, including a more than 0.7% gain for the NYSE Health Care Index. Also, shares of health care companies in the S&P 500 were down about 2.1% as a group although the Nasdaq Biotechnology index has raced over 1.6% lower today.
Among health care stocks moving on news:
- Pacific Biosciences of California ( PACB ) dropped almost 9% to $2.32 a share, falling to within 7 cents of its 52-week low of $2.25 a share, after the U.S. International Trade Commission terminated an investigation into whether rival Oxford Nanopore infringed on one or more of the company's patent claims with its MinION and PromethION devices along with its associated consumables, reagents, and software. According to Pacific Bio, the decision turned on the term "single-molecule sequencing" was limited to sequencing-by-synthesis approaches, and that Oxford Nanopore's sequencing approach is therefore not "single-molecule sequencing."
In other sector news:
+ Pieris Pharmaceuticals ( PIRS ) raced as much as 16% higher after early Friday announcing a collaboration and license agreement with Seattle Genetics ( SGEN ) to develop immuno-oncology treatments for various forms of cancer and tumors. Seattle Genetics will pay a $30 million upfront fee to Pieris, and up to $1.2 billion in additional milestone payments across three product candidates along with tiered royalties based on a share of net sales in the low double percentage digits.
+ CTI BioPharma ( CTIC ) climbed almost 13% on Friday, touching a session high of $3.39 a share, after the specialty drugmaker priced a $60 million public offering of 20 million shares at $3 apiece, or just a penny under Thursday's closing price.
- Tandem Diabetes Care ( TNDM ) fell to a worst-ever $2.14 a share after today pricing a $60 million public offering of 30 million shares of its common stock at $2 apiece, a 31.5% discount to Thursday's closing price. It also issued 30-day options to underwriters to buy up to 4.5 million additional shares to cover potential overallotments.