Health Care Sector Update for 03/14/2019: MYGN,MLNT,SPHS,AXGT

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Top Health Care Stocks

JNJ -0.74%

PFE -1.87%

ABT +0.46%

MRK +0.32%

AMGN -0.03%

Health care stocks extended their declines this afternoon, including a slightly more than 0.2% decline for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also were down more than 0.2% as a group while the Nasdaq Biotechnology index was declining over 0.4%.

Among health care stocks moving on news:

(+) Myriad Genetics ( MYGN ) rose 5% on Thursday after the molecular diagnostics company said Palmetto GBA MolDx, a Medicare administrative contractor, issued a final local coverage determination for the company's myPath melanoma test, which analyzes 23 genes and has proven to be highly accurate distinguishing melanoma from benign moles.

In other sector news:

(+) Melinta Therapeutics ( MLNT ) climbed over 19% after late Wednesday reporting a Q4 net loss of $3.94 per share, improving on a $7.40 per share loss during the year-ago period and also beating the Capital IQ consensus expecting a $5.10 per share net loss. Revenue soared 745% year-over-year to $35.5 million, more than doubling up the $17.7 million analyst mean.

(+) Sophiris Bio ( SPHS ) was 14% higher Thursday after reporting a surprise Q4 profit, earning $0.18 per share during the three months ended Dec. 31, reversing a $0.13 per share net loss during the same quarter in 2017 and easily beating the Capital IQ consensus expecting a $0.12 per share GAAP net loss.

(-) Axovant Sciences ( AXGT ) dropped 19% Thursday after pricing a $40 million public offering of 26.7 million shares of its common stock at $1.50 each, marking a 14.3% discount to Wednesday's closing price.

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: MYGN , MLNT , SPHS , AXGT

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