Health Care Sector Update for 05/11/2018: SBOT,SUPN,AKCA,GERN

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Top Health Care Stocks

JNJ +1.45%

PFE +1.26%

ABT +1.06%

MRK +2.95%

AMGN +1.60%

Health care stocks outpaced other sectors on Friday for a second day in a row, including a more than 1.2% gain for the NYSE Health Care Index in recent trade. Also today, shares of health care companies in the S&P 500 were up over 1.4% as a group while the Nasdaq Biotechnology index was posting a nearly 2.7% gain today.

Among health care stocks moving on news:

- Stellar Biotechnologies ( SBOT ) plunged to a new, all-time low on Friday, falling over 43% to a worst-ever $2.20 a share, after pricing a $5.5 million public offering of nearly 2.08 million shares at $2.65 apiece, a 31.7% discount to Thursday's closing price. Investors also received a five-year warrant to buy another share, also at $2.65 each, for each share they purchased in the offering.

In other sector news:

+ Akcea Therapeutics ( AKCA ) was nearly 14% higher in late Friday trading, easing from a previous 21% advance earlier in the session that followed a U.S. Food and Drug Administration advisory panel late Thursday voting 12-to-8 to recommend the agency approve the company's volanesorsen drug candidate to treat two rare metabolic disorders. The FDA is expected to make a decision on the prospective treatment for familial chylomicronemia syndrome and familial partial lipodystrophy by August 30.

- Geron ( GERN ) tumbled Friday, stabilizing around 7% lower after earlier sinking over 10% to a session low of $3.25 a share, after the biopharmaceuticals company reported a nearly 41% decline in Q1 revenue compared with year-ago levels. The company generated $318,000 in revenue during the three months ended March 31, down from $537,000 during the same quarter last year. It narrowed its Q1 net loss year-over-year, improving to a net loss of $0.04 per share, or a penny better than the first three months of 2017 and also beating the single-analyst call expecting a $0.05 per share net loss. Analyst estimates for Q1 revenue were not available for comparison.

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: SBOT , AKCA , GERN , SUPN

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