Health Care Sector Update for 05/10/2019: JNJ, PFE, ABT, MRK, AMGN, GENE, PIRS, TGTX

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Top Health Care Stocks

JNJ, +0.3%

PFE, +0.2%

ABT, +0.2%

MRK, -0.3%

AMGN, -0.6%

Health care stocks were mixed just ahead of the close of Friday's session, including a 0.2% rise in the NYSE Health Care Index (^NYP). Shares of health care companies in the S&P 500 ( XLV ) were 0.1% higher as a group while the Nasdaq Biotechnology Index ( IBB ) was slipping by 0.2%.

Among health care stocks moving on news today:

Genetic Technologies ( GENE ) rose some 96% after it said two new ground-breaking cancer risk assessment tests for colorectal cancer and breast cancer have now been completed and validated. "These tests allow Government Health Leaders to directly target future screening to the most high-risk patients, thereby massively reducing health system costs and providing much better outcomes for patients," said GTG chairman and acting CEO Paul Kasian. The firm said it plans to introduce the new genetic tests to health care providers through a global network of distribution partners.

In other sector news:

(+) Pieris Pharmaceuticals ( PIRS ) rose 4% after i t report ed a Q1 net loss of $0.20 per share, compared with a loss of $0.17 per share in the same quarter a year ago. The Street consensus estimate was for a net loss of $0.18 per share. Revenue for the March quarter came in at $8.5 million, up from $4.2 million last year and higher than the analyst consensus estimate of $7.6 million.

(-) TG Therapeutics ( TGTX ) was down some 5% after the company reported a slightly better-than-expected Q1 loss while expecting its cash resources to be sufficient to fund its operations through mid-2020. Net loss narrowed to $0.43 per share in Q1 from $0.59 per share a year earlier, better than analysts' estimates of $0.44 loss per share in a Capital IQ survey. Revenue was flat at $38,000 from a year ago, as expected by the Street.

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: XLV , IBB , GENE , PIRS , TGTX

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