Health Care Sector Update for 06/11/2019: PRVB,TLRY,MOTS,CBAY

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Health care stocks continue to drifting lower, including a 0.1% decline for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were down 0.2% as a group. The Nasdaq Biotechnology index was falling over 0.5%.

Among health care stocks moving on news:

(+) Provention Bio ( PRVB ) tumbled over 13% Tuesday afternoon, reversing a more than 12% advance earlier in the session. The specialty drugmaker announced plans to for a public offering of 5.5 million common shares and using the net proceeds to fund clinical and regulatory development.

In other sector news:

(-) Motus GI Holdings ( MOTS ) was down fractionally, giving back an earlier gain. The medical device company said its second-generation Pure-Vu system has received 510(k) clearance from US regulators for the rapid and safe cleaning of a patient's colon prior to a colonoscopy procedure. A commercial launch is planned for later in 2019.

(-) Tilray ( TLRY ) fell 6% on Tuesday. The Canadian medical marijuana company late Monday said it was expanding its multi-year partnership with Valens GroWorks, boosting the minimum amount of dried cannabis and hemp biomass it receives from the cannabis grower each year by 300% to 60,000 kilograms compared with 15,000 kilograms under its prior deal with Valens.

(-) Cymabay Therapeutics ( CBAY ) dropped 56.5% to a two-year low of $4.82 a share after saying its seladelpar drug candidate produced only a minimal reduction in liver fat after 12 weeks of phase IIb testing compared with a placebo in patients with non-alcoholic steatohepatitis. The early-stage biopharmaceuticals company was continuing the study for the scheduled 52 weeks, adding seladelpar appears to be producing significant improvements in biochemical markers associated with liver injury.

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: PRVB , MOTS , TLRY , CBAY

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