Health Care Sector Update for 05/16/2018: FOLD,SGMO,SNY,EGRX

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Top Health Care Stocks

JNJ +0.08%

PFE -0.13%

ABT +0.34%

MRK +0.96%

AMGN +1.61%

Health care stocks were higher today, including a more than 0.5% gain for the NYSE Health Care Index in recent trade. Also today, shares of health care companies in the S&P 500 also were up over 0.5% as a group while the Nasdaq Biotechnology index was posting a nearly 0.9% advance.

Among health care stocks moving on news:

+ Amicus Therapeutics ( FOLD ) steadily extended its early gains, rising by over 9% late in Wednesday trading, after a new regulatory filing last Tuesday showed the chief medical officer of the biotech company exercised options to acquire and then sell 50,000 shares of its stock, pocketing a $58.772.50 profit as part of a broader program to sell a portion of his equity holdings. Jay Barth on Monday purchased the shares using options priced at $2.29, spending $11,450, and sold them at an average of $14.0445 each through a Rule 10b5-1 program that allows executives to systematically sell their shares at times outside their regular trading windows.

In other sector news:

+ Sangamo Therapeutics ( SGMO ) climbed as much as 4% on Wednesday after the specialty drugmaker said the U.S. Food and Drug Administration has accepted the investigational new drug application for review of its BIVV003 drug candidate to treat people with sickle cell disease. Sangamo developed the gene-edited cell therapy with Sanofi's Bioverativ unit through an exclusive global collaboration agreement. Sanofi shares also were fractionally higher Wednesday afternoon.

+ Eagle Pharmaceuticals ( EGRX ) was more than 2% higher in recent trading after Wednesday saying the U.S. Food and Drug Administration has approved 500-milliliter doses of its bendamustine hydrochloride solution to treat patients with chronic lymphocytic leukemia as well as patients with indolent B-cell non-Hodgkin lymphoma that has progressed over the past six months dispite being treated with a rituximab medication. In prepared remarks, CEO Scott Tarriff said he expects to eventually achieve a market share of up to 12% with the new drug and increasing its overall profitability.

+ Medtronic ( MDT ) was rising Wednesday after the medical-device conglomerate said it has begun a Phase I trial to assess the safety and efficacy of its Resolute Onyx drug-eluting stent in patients with bifurcation lesions. The company expects to enroll around 250 patients at 30 locations in the United States and Europe as part of efforts to extend the indication of the Resolute Onyx stents to also include bifurcation lesions.

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: FOLD , SGMO , EGRX , MDT , SNY

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