Health Care Sector Update for 10/04/2018: ACST,ALNY,TLRY

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Top Health Care Stocks

JNJ -0.36%

PFE -0.71%

ABT -0.66%

MRK -0.89%

AMGN -2.21%

Health care stocks were solidly lower Thursday, including a more than 1.3% decline for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down almost 1.2% as a group while the Nasdaq Biotechnology index was slipping more than 2.8% today.

Among health care stocks moving on news:

(+) Acasti Pharma Inc. ( ACST ) climbed as much as 18% on Thursday. The company priced a public stock offering for gross proceeds of C$24 million ($19 million). It also priced a separate and concurrent offering in the US at $1 each for gross proceeds of $16.6 million.

In other sector news:

(-) Alnylam Pharmaceuticals ( ALNY ) was down almost 3% Thursday afternoon. The company said its lumasiran drug candidate showed potential as a prospective treatment for primary hyperoxaluria type 1, a rare condition characterized by recurrent kidney and bladder stones. During phase I/II testing, Lumasiran demonstrated a mean maximal reduction in urinary oxalate, Alnylam said, adding patients also experienced a 76% mean maximal drop in their ratio of urinary oxalate to creatinine.

(-) Tilray Inc ( TLRY ) dropped 6.5% after the medical and recreational cannabis grower late Wednesday disclosed plans for a $400 million private placement of convertible senior notes due 2023. Net proceeds from the upcoming offering will be used to repay a $9.1 million mortgage loan and in part for working capital and acquisitions.

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: ACST , ALNY , TLRY

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