Health Care Sector Update for 06/13/2018: WMGI,FLKS,MRK,SNY

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Top Health Care Stocks

JNJ +0.32%

PFE -0.04%

ABT -0.49%

MRK +0.26%

AMGN -0.66%

Health care stocks were ending slightly higher this afternoon, including a less than 0.1% 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 nearly 0.1% as a group while the Nasdaq Biotechnology index dropped over 0.3% this afternoon.

Among health care stocks moving on news:

+ Wright Medical Group N.V ( WMGI ) advanced Wednesday, topping out with a more than 7% gain, after the medical accessories company said it will be revising its FY18 outlook after late yesterday receiving U.S. Food and Drug Administration approval for its Augment injectable bone graft. The Augment injectable was approved for the same clinical indications as the company's Augment bone graft and consists of recombinant growth factor derived from human platelets combined with a Type I collagen and Beta tri-calcium phosphate. The company will provide its updated guidance when it reports its fiscal Q2 financial results on Aug. 8, it said.

In other sector news:

+ - Merck ( MRK ) rose Wednesday after the drugmaker said the U.S. Food and Drug Administration has accepted its request for a priority review of a supplemental biologics license application for its GARDASIL 9 recombinant vaccine for human papillomavirus 9-valent. Merck is seeking to expand the approved age indication for GARDASIL 9 to women and men ages 27 to 45 years for the prevention of certain cancers and diseases caused by the nine human papillomavirus. The FDA set an Oct. 6 action date for the application.

+ Sanofi ( SNY ) was higher Wednesday afternoon, climbing almost 1%, after earlier pricing a $2 billion bond offering, including a $1 billion tranche of fixed rate notes due 2023 and a $1 billion tranch of fixed rates notes due 2028. Net proceeds will be used for general corporate purposes, including the repayment of existing borrowings.

- Flex Pharma ( FLKS ) plunged to a record low on Wednesday, losing roughly two-thirds of its former value en route to a worst-ever $1.30 a share after the biopharmaceutical company said it was shutting down two middle-stage trials of its FLX-787 drug candidate and letting go 60% of its current workforce by the end of the month in a bid to save money while it reviews its strategic options, including a potential sale. The moves follow researchers observing oral tolerability concerns among patient subsets receiving three 30-milligram doses per day during Phase II testing of FLX-787 in patients with either amyotrophic lateral sclerosis or Charcot-Marie-Tooth disease. Flex is expecting the restructuring program will result in $800,000 to $1.1 million in charges against its Q2 earnings.

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: WMGI , MRK , SNY , FLKS

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