Top Health Care Stocks
Health care stocks also took part in Friday's market rebound, including a more than 0.8% gain for the NYSE Health Care Index in recent trade. Also today, shares of health care companies in the S&P 500 were up just under 1.1% as a group while the Nasdaq Biotechnology index also was gaining nearly 1.1%.
Among health care stocks moving on news:
+ Myriad Genetics ( MYGN ) pushed out to a more than 7% gain on Friday after the molecular diagnostics company reported positive results from a second clinical validation study of its polygenic riskScore test, saying the test can accurately predict the five-year and lifetime risk of breast cancer in women who test negative for a hereditary mutation using the currently available myRisk hereditary cancer test. The latest study included 518 women and it found riskScore was statistically superior to tests that rely on family and medical histories to determine risk by also examining 86 genetic features known as single nucleotide polymorphisms. A separate analysis of the genetic features in the controls also showed that roughly half of those women tested had an increased risk of breast cancer compared to the general population.
In other sector news:
+ Co-Diagnostics ( CODX ) still was more than 76% higher in late Friday, earlier more than doubling in price after the molecular diagnostics company said a Stanford University research group will use its CoPrimer technology in a study of genetic mutations. The Wang Group at Stanford is working to develop more efficient ways to detect multiple mutations of the epidermal growth factor receptor gene within a single reaction. The mutations are among the most frequently occurring mutations in lung cancer, Co-Diagnostics said.
- Tonix Pharmaceuticals Holding ( TNXP ) declined as much as 6% on Friday despite the neuropsychiatric drug-maker presenting data from Phase II testing of its Tonmya product candidate suggesting it significantly reduced reckless or self-destructive behaviors in military and veteran patients with post-traumatic stress disorder. According to chief medical officer Gregory Sullivan, Tonmya is believed to reduce PTSD symptoms by improving sleep quality and by also addressing potential suicidal behaviors through its positive effect on sleep quality. He cautioned that while the rates of suicidal ideation and behaviors were not high enough for meaningful statistical studies, the new data - together with prior trial results - could eventually lead to the "better prediction of and interventions to prevent suicides" among PSTD patients.
- Organovo Holdings ( ONVO ) slumped Friday, at one point sinking over 13%, despite the early-stage artificial tissue-maker pared its fiscal Q4 net loss compared with the year-ago period, besting analyst projections, but also reporting a 36% year-over-year rise in revenue that still lagged Street views. Organovo narrowed its net loss for the three months ended March 31 to $0.07 per share from an $0.10 per share loss for the final three months of FY18 and squeaking by the Capital IQ consensus by a penny. Revenue rose to $1.11 million from $812,000 last year ago but missed the $1.30 million analyst mean. The company finished FY18 with around $43.7 million in cash and equivalents, which it said should be sufficient to meet its operating and capital needs through the current fiscal year and into FY20.