Health Care Sector Update for 05/23/2019: TARO,IOVA,NVCN,XBIT

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Top Health Care Stocks

JNJ +0.23%

PFE -0.14%

ABT -0.89%

MRK +0.01%

AMGN +0.46%

Health care stocks stayed moderately lower this afternoon, including a slightly more than 0.7% decline for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were down almost 0.6% as a group. The Nasdaq Biotechnology index was falling nearly 1%.

Among health care stocks moving on news:

(-) Taro Pharmaceutical Industries ( TARO ) slid over 7% lower after Thursday reporting a drop in its fiscal Q4 net income to $1.52 per share compared with its $2.17 per share profit during the same quarter last year and trailing the lone-analyst call by $0.74 per share. Net sales grew over the year-ago period, rising to $179.9 million from $175.2 million last year and also missing the single-analyst estimate expecting $189.9 million for the three months ended March 31.

In other sector news:

(+) Neovasc ( NVCN ) raced 16% higher after publishing data in the International Journal of Cardiology demonstrating sustained efficacy and safety of its Reducer therapy in 50 patients suffering from refractory disabling angina.

(+) Iovance Biotherapeutics ( IOVA ) advanced 5% on Thursday after the immunotherapy oncology company said its LN-145 product candidate received breakthough therapy designation from the US Food and Drug Administration for patients with recurrent, metastatic or persistent cervical cancer with disease progression during or after chemotherapy.

(-) XBiotech ( XBIT ) declined over 1%. The company Thursday announced plans to launch phase IIb testing of its bermekimab product candidate in patients with moderate to severe hidradenitis suppurativa, comparing the efficacy of the prospective treatment for the chronic skin disorder with patients treated with placebos. Patient enrollment is expected to begin later this summer.

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: TARO , NVCN , IOVA , XBIT

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