Health Care Sector Update for 05/15/2019: ABBV,ACB,ACB.TO,ECOR,IMGN

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Top Health Care Stocks

JNJ +0.12%

PFE +1.36%

ABT +0.85%

MRK +0.39%

AMGN +1.38%

Health care stocks still were rising, with the NYSE Health Care Index adding almost 0.6% in value late Wednesday while shares of health care companies in the S&P 500 were up slightly more than 0.4% as a group. The Nasdaq Biotechnology index was climbing nearly 0.8% just before the closing bell.

Among health care stocks moving on news:

(+) AbbVie ( ABBV ) pushed higher this afternoon, erasing a more than 1% decline earlier in the session after the US Food and Drug Administration approved a combination of its Venclexta drug candidate with the obinutuzumab monoclonal antibody to treat previously untreated patients with chronic lymphocytic leukemia or small lymphocytic lymphoma. AbbVie will jointly commercialize the new drug combination with Roche Holdings' Genentech unit.

In other sector news:

(+) Aurora Cannabis ( ACB ) was 3% higher, turning around a 4% decline earlier in the session after the Canadian medical and recreational marijuana reported a four-fold increase in fiscal Q3 revenue, rising to CND65.1 million from CND16.1 million during the same quarter last year.

(-) electroCore ( ECOR ) plunged 29% on Wednesday. The medical device company reported a Q1 net loss of $0.47 per share, beating the Capital IQ consensus call expecting a $0.54 per share net loss, while net sales jumped to $409,600 from just $81,200 during the year-ago period but still lagged the $500,000 three-analyst mean.

(-) ImmunoGen ( IMGN ) was down 33% after the US Food and Drug Administration recommended the company conduct another phase III trial of its mirvetuximab soravtansine drug candidate in patients with high folate receptor alpha-positive, platinum-resistant ovarian cancer.

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: ABBV , ACB , ECOR , IMGN

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