Health Care Sector Update for 10/10/2018: MYGN,PFE,IGC,RARX,AKRX

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Top Health Care Stocks

JNJ +0.35%

PFE -0.59%

ABT -1.93%

MRK -0.86%

AMGN -1.09%

Health care stocks were losing ground Wednesday afternoon, including a nearly 0.5% decline for the NYSE Health Care Index. Also, shares of health care companies in the S&P 500 were down more than 0.7% as a group while the Nasdaq Biotechnology index was slipping almost 1.6%.

Among health care stocks moving on news:

(+) Myriad Genetics ( MYGN ) jumped out to a big gain on Wednesday, at one point rising almost 13%, after the molecular diagnostics company said it signed a laboratory services agreement with pharmaceuticals giant Pfizer Inc ( PFE ).

In other sector news:

(+) India Globalization Capital ( IGC ) traded as much as 21% higher on Wednesday after the specialty drugmaker said it has filed a provisional patent application in the US for a cannabidiol-infused drink to treat fatigue. The company said the method-and-composition filing allows it to openly discuss the CBD-based energy drink formulation with processors in the US, Canada and other countries where medical cannabis and hemp-derived products are legal.

(+) Ra Pharmaceuticals ( RARX ) rose almost 21% at one point on Wednesday after Raymond James raised its investment recommendation on the biotech company to strong buy from outperform

(-) Akorn ( AKRX ) slid 2% on Wednesday, giving back a nearly 6% rise earlier in the session that followed the US Food and Drug Administration approving an abbreviated new drug application for its Bimatoprost ophthalmic solution to treat hypotrichosis of the eyelashes.

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: MYGN , PFE , IGC , RARX , AKRX

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