Health Care Sector Update for 07/02/2018: ABBV,PRGO,TEVA,NVS,ADMP,MRK,AZN

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Top Health Care Stocks

JNJ -0.38%

PFE -0.25%

ABT -0.61%

MRK -0.84%

AMGN -0.57%

Health care stocks were trading lower Monday afternoon, including a nearly 0.6% drop for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also were down over 0.6% as a group while the Nasdaq Biotechnology index was posting a small gain, rising nearly 0.1%.

Among health care stocks likely to move on news:

+ Marinus Pharmaceuticals ( MRNS ) was just over 4% higher in recent trading, earlier Monday climbing nearly under 12%, after analysts at Cantor Fitzgerald began coverage of the drugmaker with an Overweight investment rating and a $19 price target.

In other sector news:

- AbbVie ( ABBV ) was narrowly lower, swinging between small gains and losses after the drugmaker - together with a partner company - late Friday was ordered by a US district court judge to pay $488 million after using sham litigation to illegally keep generic versions of its AndroGel testosterone replacement drug from reaching the market. The decision stems from an antitrust lawsuit filed in 2014 by the Federal Trade Commission against AbbVie and Besins Healthcare for filing baseless patent infringement lawsuits in 2011 against Teva Pharmaceuticals ( TEVA ) and Perrigo ( PRGO ), to defer launch of their generic versions of AndroGel.

- Novartis' ( NVS ) was nearly 2% lower on Monday, staying within close range of its session low, despite the Swiss drugmaker's Sandoz unit acquiring US commercial rights to Adamis Pharmaceuticals' (ADMP) Symjepi injection treatment for patients with severe asthma and other lung problems in exchange for an undisclosed upfront fee and performance-based milestone payments, according to Adamis.

- Merck & Co (MRK) was nearly 1% lower in afternoon trading, after the pharmaceuticals company said its Lynparaza chemotherapy has been approved in Japan for use in patients with unresectable or recurrent BRCA-mutated, Her2-negative breast cancer who have received prior treatments. It developed the drug under a collaborative agreement with AstraZeneca (AZN) and Lynparaza also is approved in Japan as a maintenance treatment for women with platinum-sensitive relapsed ovarian cancer.

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: MRNS , ABBV , TEVA , PRGO , NVS

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