Health Care Sector Update for 10/12/2018: NVO,CORI,APHB,TRVN

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Top Health Care Stocks

JNJ -0.38%

PFE +1.90%

ABT +1.56%

MRK +1.43%

AMGN +1.17%

Health care stocks were mostly higher, including a 0.3% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were up more than 1.1% as a group while the Nasdaq Biotechnology index was ahead over 1.2% today.

Among health care stocks moving on news:

(+) Novo Nordisk ( NVO ) was 2% higher in mid-day trading, staying within relatively close distance of its session high on Friday after the Danish pharmaceuticals giant said testing of its Fiasp treatment demonstrated superior reduction in blood sugar levels compared with diabetics treated with the company's conventional insulin analog aspart.

In other sector news:

(+) Corium International ( CORI ) soared on Friday, rising 52%, after the transdermal and transmucosal drug delivery company late Thursday agreed to a buyout worth up to $504 million from Gurnet Point Capital ( GPC ). Under terms of the deal, Corium investors will receive $12.50 in cash for each of their shares at closing, representing a 50% premium over Corium's closing price Thursday. They also will receive a contingent value right of $0.50 per share that is payable if the U.S. Food and Drug Administration approves the company's Corplex Donepezil lead product candidate for the treatment of Alzheimer's disease prior to March 31, 2020.

(-) AmpliPhi Biosciences ( APHB ) dropped 35% on Friday after the bacteriophage-based antibiotics firm priced a $6.6 million public offering of 16.5 million common shares and common warrants to purchase the same number of shares, at $0.40 per share and accompanying warrant. At $0.40 a share, that's a 23% discount to Thursday's closing price.

(-) Trevena ( TRVN ) slid to a record low of 76 cents a share on Friday after a US Food and Drug Administration advisory panel narrowly voted against recommending the company's oliceridine drug candidate to treat moderate to severe acute pain in adult patients. The FDA doesn't have to follow the panel's recommendation, but it does take it into consideration, the company said.

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: NVO , GPC , APHB , TRVN

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