Health Care Sector Update for 03/09/2018: PDLI,INSY,ARDM

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Top Health Care Stocks

JNJ +0.96%

PFE +0.51%

ABT +2.49%

MRK +0.59%

AMGN +1.29%

Health care stocks were ending on positive ground Friday, including a more than 1.0% gain for the NYSE Health Care Index in recent 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 gaining almost 1.6% today.

Among health care stocks moving on news:

PDL BioPharma ( PDLI ) streaked to a more than 15% gain on Friday after the specialty drugmaker Thursday night reported Q4 net income of $0.15 per share, reversing a $0.06 per share net loss loss during the same quarter last year and easily topping the Capital IQ consensus expecting a $0.03 per share profit. Revenue during the three months ended Dec. 31 climbed to $68.0 million from $66.5 million last year, also eclipsing the $45.29 million analyst mean.

In other sector news:

Aradigm ( ARDM ) has hanging on a narrow gain Friday after the pharmaceuticals company said it has submitted a marketing authorization application with European regulators for its Linhaliq drug candidate to treat non-cystic fibrosis bronchiectasis in patients with a chronic lung infection and Pseudomonas aeruginosa. The move follows pre-submission meetings between Aradigm and the European Medicines Agency in October and November 2017, the company said. Linhaliq was found to be generally safe and well-tolerated during a pair of Phase III trials of the once-a-day inhaled formulation.

- Insys Therapeutics ( INSY ) plunged almost 13% at one point during Friday trading, sinking to a session low of $6.69 a share and the specialty drugmaker late Thursday reported an adjusted Q4 net loss missing Wall Street expectations and reversing a non-GAAP profit during the year-ago period. Excluding one-time items, the company fell to a net loss of $0.61 per share during the three months ended Dec. 31 compared with a $0.03 per share adjusted profit during the final three months in 2016 and lagging the Capital IQ consensus expecting a $0.14 per share net loss. Revenue fell to $31.49 million from $54.86 million last year, also trailing the $34.0 million Street view.

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: PDLI , ARDM , INSY

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