Top Health Care Stocks
Health care stocks continue to drift lower in late trade, including a nearly 0.1% decline for the NYSE Health Care Index this afternoon. Shares of health care companies in the S&P 500 also were down just over 0.1% as a group although the Nasdaq Biotechnology index was climbing slightly more than 0.1%.
Among health care stocks moving on news:
(-) Innovate Biopharmaceuticals ( INNT ) tumbled nearly 15% after announcing an $8.7 million, at-the-market private placement of nearly 4.32 million shares of its common stock priced at $2.025 each apiece. Net proceeds will be used to fund phase III testing of the specialty drugmaker's INN-202 lead product candidate to treat celiac disease. The stock sale was authorized under a shelf registration declared effective by the Securities and Exchange Commission on July 13.
In other sector news:
(+) Dova Pharmaceuticals ( DOVA ) climbed 3% on Monday after saying the European Medicines Agency recommended the company's Doptelet medication be approved to treat severe thrombocytopenia in adult patients with chronic liver disease ahead of invasive procedures. The company's CEO said the company will keep working with regulators to get marketing approval in Q3.
(-) Titan Pharmaceuticals ( TTNP ) dropped over 2% on Monday. The company said a European advisory panel has recommended the company's Sixmo implant be approved as a substitution treatment for opioid dependence. The positive opinion now goes to the European Commission, which is expected to issue a decision by the end of June, Titan said.
(-) Immunomedics ( IMMU ) dropped 5% after saying Rob Iannone has left his job as chief medical officer to pursue a career opportunity at another company. Separately, the biopharmaceuticals firm Monday also said it received a $65 million upfront payment after signing an exclusive license agreement with Everest Medicines II to commercialize its sacituzumab govitecan cancer antibody-drug conjugate in China, South Korea and parts of southeast Asia.