Health Care Sector Update for 03/07/2019: USPH,AGN,GTXI,CODX

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Top Health Care Stocks

JNJ -0.75%

PFE -1.15%

ABT -1.23%

MRK -0.40%

AMGN -0.99%

Health care stocks extended their prior declines this afternoon, including a nearly 0.7% decline for the NYSE Health Care Index in late trade. Shares of health care companies in the S&P 500 also were down over 0.9% as a group while the Nasdaq Biotechnology index was falling almost 0.7%.

Among health care stocks moving on news:

(+) U.S. Physical Therapy ( USPH ) was more than 1% higher late Thursday after the outpatient physical therapy company reported improved Q4 financial results compared with year-ago levels, earning $0.71 per share during the three months ended Dec. 31, excluding one-time items, on $117.3 million in revenue. It also exceeded the Capital IQ consensus expecting non-GAAP net income of $0.63 per share on $116.7 million in revenue.

In other sector news:

(+) GTx ( GTXI ) surged Thursday, rising 65% at last look, after the biotech company agreed to merge with privately held Oncternal Therapeutics. Under terms of the proposed transaction, GTx shareholders will own 25% of the combined company and will also receive a non-transferrable contingent value right for each of their shares entitling them to half of the net proceeds from the sale or rights transfer of its androgen receptor degrader products.

(+) Allergan ( AGN ) was 4% higher after the Irish drugmaker said the US Food and Drug Administration (FDA) will conduct a priority review of its supplemental biologics license application proposing to expand the label indications for its Botox injections to include the treatment of upper limb spasticity in pediatric patients. The six-month priority review is expected to be completed before mid-year, the company said.

(+) Co-Diagnostics ( CODX ) was holding a 2.5% gain after the molecular diagnostics company said its Logix Smart ZDC test for the Zika, dengue, and chikungunya viruses received CE mark regulatory clearance for sales in accepting markets.

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: USPH , AGN , CODX

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