Health Care Sector Update for 04/23/2019: MBRX,DGX,HCA,LENS

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Top Health Care Stocks

JNJ +1.63%

PFE +1.24%

ABT +2.18%

MRK +1.78%

AMGN +1.97%

Health care stocks were ending sharply higher this afternoon, including a more than 1.6% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were up over 1.6% as a group while the Nasdaq Biotechnology index was climbing more than 2.2%.

Among health care stocks moving on news:

(-) Moleculin Biotech ( MBRX ) retreated Tuesday, sinking 47% after the drugmaker announced plans for a $15 private placement of its common, issuing 9.375 million shares to institutional investors at $1.60 apiece, representing a 46% discount to Monday's closing price. Investors also received one-half of a five-year warrant to buy another share exercisable at $1.75 apiece for each share they purchased in the original offering.

In other sector news:

(+) Quest Diagnostics ( DGX ) rose more than 9% after Tuesday reporting adjusted Q1 net income of $1.40 per share, down from a $1.52 per share non-GAAP profit during the year-ago period but still topping the Capital IQ consensus by $0.02 per share. Total revenue inched higher to $1.89 billion, also sneaking past the $1.87 billion analyst mean.

(+) HCA Healthcare ( HCA ) advanced 5% on Tuesday after a Raymond James upgrade of the hospital company to outperform from market perform previously. The brokerage set a $135 price target on the stock.

(-) Presbia ( LENS ) Tuesday dropped 58% to a record low after saying federal regulators likely won't approve its microlens product based on its latest clinical data and will instead require additional testing prior to considering its medical device application. Executive board chairman and CEO Mark Yung also resigned, effective April 30, and will be replaced by Zohar Loshitzer. Presbia also said it does not expect to meet Nasdaq listing requirements and anticipates its stock will be delisted at the open on Thursday.

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: MBRX , DGX , HCA ,

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