Health Care Sector Update for 06/27/2019: HQY,ZGNX,OVID,PDCO

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Top Health Care Stocks

JNJ -0.61%

PFE +1.19%

ABT +0.97%

MRK +0.52%

AMGN +0.80%

Health care stocks continued to rise in afternoon trade, including a nearly 0.6% gain for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were up almost 0.7% as a group. The Nasdaq Biotechnology index was climbing over 1.4%.

Among health care stocks moving on news:

(+) HealthEquity ( HQY ) was more than 5% higher shortly before Thursday's closing bell after the health care account management company announced its $2 billion purchase of WageWorks ( WAGE ), offering $51.35 per share in cash for the consumer benefits company.

In other sector news:

(+) Zogenix ( ZGNX ) jumped 21% on Thursday after saying it will soon resubmit the new drug application for its Fintepla drug candidate for the treatment of seizures associated with Dravet syndrome. The upcoming Q3 NDA filing follows recent meetings with the US Food and Drug Administration and the agency agreeing that new chronic toxicity studies were not needed.

(+) Ovid Therapeutics ( OVID ) was ahead more than 3% after Thursday saying it expects to begin phase III testing of its OV101 drug candidate in patients with Angelman syndrome during the quarter beginning July 1 following a Type C meeting with the US Food and Drug Administration. Topline results from the trial should be available by mid-2020, and if successful, Ovid said, will support a new drug application for the delta-selective GABAA receptor agonist.

(-) Patterson Companies ( PDCO ) fell 5% after reporting adjusted fiscal Q4 net income of $0.37 per share during the three months ended April 27, improving on a $0.30 per share non-GAAP profit during the same quarter last year but still trailing the Capital IQ consensus by $0.02 per share. The dental, medical and pet health products company also lowered its FY20 earnings forecast, now projecting between $1.33 to $1.43 per share, excluding one-time items, compared with its prior outlook looking for adjusted net income of $1.40 to $1.45 per share for the 12 months ending next April.

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: HQY , WAGE , ZGNX , OVID , PDCO

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