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


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Top Health Care Stocks

JNJ -0.91%

PFE -1.79%

ABT -3.41%

MRK -2.63%

AMGN -2.06%

Health care stocks continued to lose ground this afternoon, including a nearly 1.3% decline for the NYSE Health Care Index in late trade. Also, shares of health care companies in the S&P 500 were down almost 2.1% as a group while the Nasdaq Biotechnology index was slipping more than 2.9% today.

Among health care stocks moving on news:

(+) Neovasc ( NVCN ) climbed as much as 88% on Wednesday, topping out at $4.58 a share, after saying the U.S. Food and Drug Administration has designated its Reducer transcatheter mitral valve replacement system as a Breakthrough Device for the treatment of refractory angina. The device is not currently approved for commercial sales in the United States.

In other sector news:

(+) India Globalization Capital ( IGC ) was nearly 4% higher this afternoon, earlier trading as much as 21% higher after the specialty drugmaker Wednesday said it has filed a provisional patent application in the United States for a cannabidiol-infused drink to treat fatigue and energy restoration.

(+) Myriad Genetics ( MYGN ) jumped out to a big gain on Wednesday, at one point rising almost 13% after the molecular diagnostics company said it was retained by pharmaceutical giant Pfizer Inc ( PFE ) to provide BRACAnalysis CDx testing for a Phase II trial evaluating Pfizer's talazoparib drug candidate for neo-adjuvant treatment of germline BRCA-mutated triple negative breast cancer.

(-) Akorn ( AKRX ) slid more than 2% on Wednesday, giving back a nearly 6% rise earlier in the session that followed the U.S. Food and Drug Administration late Tuesday approving an abbreviated new drug application for its Bimatoprost ophthalmic solution to treat the loss of 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: NVCN , IGC , MYGN , PFE , AKRX



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