Top Health Care Stocks
Health care stocks retreated Friday, including a nearly 0.4% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 also were down just over 0.4% as a group while the Nasdaq Biotechnology index was falling nearly 0.7% today.
Among health care stocks moving on news:
(+) KalVista Pharmaceuticals ( KALV ) extended its day-long gains Friday afternoon, climbing almost 16% in late trade, after narrowing its fiscal Q1 net loss and revenue soared compared with the same quarter last year. Net loss for early-stage biotech company was $0.47 per share on $3.7 million in revenue during the three months ended July 31, improving on a $0.51 per share loss in the year-ago period on just $100,000 in revenue. The market largely ignored analyst estimates expecting a $0.33 per share net loss for the company on $3.81 million in revenue. The company also said it has selected its KVD900 product candidate to advance to a phase 2 proof-of-concept clinical trial as a potential on-demand treatment of acute attacks in patients with hereditary angioedema.
In other sector news:
(+) Champions Oncology ( CSBR ) sped to a four-year high on Friday, rising almost 30% to its highest share price since June 2014 at $11.00 each after the biotech company reported a $0.05 per share profit during the three months ended July 31, reversing a $0.01 per share net loss in the year-ago period, after revenue rose 23.7% year over year to $6.2 million. That beat the single-analyst call expecting a $0.01 per share profit on $5.64 million in revenue.
(+) argenx SE ( ARGX ) climbed sharply on Friday, rising almost 8% at one point, after analysts at Stifel Nicolaus initiated coverage of the biopharmaceuticals company with a Buy rating and a $139 price target.
(-) Alnylam Pharmaceuticals ( ALNY ) was more than 1% higher Friday afternoon, giving back a more than 4% gain, earlier in the session that followed the company said its Patisiran drug candidate showed potential to treat polyneuropathy and may favorably may favorably impact certain cardiac manifestations of hereditary transthyretin-mediated amyloidosis during Phase III testing.