Health Care Sector Update for 06/08/2018: ADMA,TROV,ALNY,NVS

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Health care stocks advanced on Friday, including a 0.5% gain for the NYSE Health Care Index. Also today, shares of health care companies in the S&P 500 rose nearly 0.7% as a group while the Nasdaq Biotechnology index climbed just over 0.5% today.

Among health care stocks moving on news:

- ADMA Biologics Inc ( ADMA ) drifted to a slim decline on Friday, easing from an 11% gain earlier today that followed the company priced a $40 million public offering of 8.36 million shares at $4.78 apiece, matching Thursday's closing price for the stock. The company expects to use net proceeds from the offering for ongoing remediation and development of its plasma fractionation facility in Boca Raton, Fla., as well as submitting a prior approval supplement application to support the re-launch of its Bivigam immune globulin injection. The new funds also will be use continue development of RI-002, the company's antibody enriched plasma pool and lead product candidate.

The offering is expected to close on June 12.

In other sector news:

+ Alnylam Pharmaceuticals ( ALNY ) was hanging on to a small gain Friday afternoon, rising almost 1%, after reporting positive data from Phase I/II testing of its lumasiran drug candidate to treat primary hyperoxaluria type, resulting in reduction in urinary oxalates, a marker for kidney stones. Alnylam had been scheduled to present additional data from the study earlier Friday at the European Hyperoxaluria Consortium industry conference in Naples, Italy, stating in prepared remarks that the "potent and durable reductions in urinary oxalates support a once-quarterly, subcutaneous dose regimen."

- Novartis AG ( NVS ) was fractionally lower this afternoon, Friday dropping almost 1%, after the Swiss pharmaceuticals company reported data from Phase III testing of its Lutathera drug candidate showing it significantly delayed the deterioration in the quality of life for patients with progressive midgut neuroendocrine tumors.

- TrovaGene ( TROV ) plunged under $1 a share for the first time on Friday, sinking over 55% to a worst-ever 79 cents a share, after the oncology therapeutics company late Thursday priced an $18 million public offering of 18 million shares at $1 apiece, a 43.5% discount to the last closing price for the company's stock. Investors also received an equal number of five-year warrants to buy an additional share at $1.10 each. The company also provided underwriters with a 45-day option to buy up to 2.7 million shares to cover possible overallotments. After first paying underwriter discounts and other offering expenses, TrovaGene is expecting about $16.2 million in net proceeds to fund ongoing research and development and general corporate activities.

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: ADMA , ALNY , NVS , TROV

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