Top Health Care Stocks
Health care stocks were mostly higher, including a 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 nearly 1.7% as a group while the Nasdaq Biotechnology index was rising almost 3.2%.
Among health care stocks moving on news:
-Smith & Nephew ( SNN ) still was on negative turf late in Wednesday trading, paring most of a 2% decline earlier in the session after the medical device company today named Namal Nawana to be its new chief executive officer, replacing Olivier Bohuon who had announced his retirement plans six months ago. Nawana previously was chief executive of Alere, a medical diagnostics firm acquired by Abbott Laboratories ( ABT ) last year in a $5.3 billion deal. His appointment begins May 7, when Nawana also will join the Smith and Nephew board as Bohuon steps down from the panel ahead of his planned retirement in November.
In other sector news:
+ Amarin ( AMRN ) was sharply higher Wednesday afternoon, climbing over 9%, after trimming its fiscal Q1 revenue guidance, now estimating around $43 million in net product revenue for the three months ended March 30, rising more than 25% over the first three months in 2017. The new outlook compares with its prior forecast expecting between $45 million to $48 million for Q1 and also lags the Capital IQ consenus by at least $2.7 million. The company also continues to see more than $230 million in FY18 revenue. The Street is at $235.5 million.
+ Eli Lilly ( LLY ) has returned to positive ground in recent trading, clawing back from a decline soon after today's opening bell despite the drugmaker reporting positive results from Phase III for its Cyramza drug candidate in patients with liver cancer, meeting the primary endpoint of the trial of a statistically significant increase in overall survival. It also met its secondary goal of delaying progression of the disease.
+ GlaxoSmithKline ( GSK ) has steadily ground higher during Wednesday trading, recently rising more than 1% after announcing a new collaboration agreement with Kymera Therapeutics to develop Kymera's proprietary Pegasus drug discovery platform. The companies will work together on certain protein degradation targets of mutual interest to discover new drugs in addition to also agreeing to collaborate on E3 ligases, which are enzymes that bind and target disease-causing proteins and marking them for degradation.