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Health Care Sector Update for 04/12/2019: BHVN,VIVE,XFOR,TCON


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Top Health Care Stocks

JNJ +0.58%

PFE -1.23%

ABT -0.25%

MRK -0.43%

AMGN -0.42%

Health care stocks continued to lose ground this afternoon, including a more than 1.3% decline for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also were down almost 1.0% as a group while the Nasdaq Biotechnology index was falling over 0.7%.

Among health care stocks moving on news:

(+) Biohaven Pharmaceutical ( BHVN ) was almost 20% higher late in Friday trading amid market speculation the biotechnology company is exploring a potential sale after recently attracting takeover interest. The company has already hired an investment banker to assist with the process, according to a Bloomberg report, while a Jefferies analyst last month identified Biogen ( BIIB ) as a likely suitor for Biohaven after pulling the plug on its aducanumab drug candidate after the prospective Alzheimer's medication failed to outperform a placebo in breaking down beta amyloid plaques during phase III testing.

In other sector news:

(+) Viveve ( VIVE ) rose nearly 20% after the medical device company said it received CE Mark clearance from European regulators for its next generation Viveve 2.0 cryogen-cooled monopolar radiofrequency system for the treatment of various post-partum conditions in women.

(-) X4 Pharmaceuticals ( XFOR ) dropped more than 17% on Friday after the specialty drugmaker disclosed plans for a public offering of shares of its common stock as well as pre-funded warrants and Class A warrants to purchase additional shares. The offering is subject to market and other conditions, the company said without providing the likely size or other terms of the proposed offering.

(-) TRACON Pharmaceuticals ( TCON ) tumbled nearly 50% after scrapping phase III testing of a combination of its TRC105 drug candidate and a previously approved chemotherapy, Votrient, in patients with advanced or metastatic cancer of the inner lining of their blood vessels due to futility as determined by its Independent Data Monitoring Committee.

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: BHVN , BIIB , VIVE , XFOR , TCON




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