Health Care Sector Update for 10/23/2018: BIIB,PTI,TTPH

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Top Health Care Stocks

JNJ -0.27%

PFE -0.29%

ABT +1.36%

MRK +0.28%

AMGN -1.87%

Health care stocks were falling in late trade, including a nearly 0.7% decline for the NYSE Health Care Index this afternoon. Shares of health care companies in the S&P 500 also were down more than 0.8% as a group while the Nasdaq Biotechnology index was slipping over 1.4% today.

Among health care stocks moving on news:

(+) Biogen ( BIIB ) was more than 1% higher this afternoon, reversing a more than 1% mid-day decline that followed the genetics drugmaker releasing sharply improved Q3 financial results, including a 17% increase in non-GAAP net income compared with year-ago levels to $7.40 per share and easily beating the $6.76 per share analysts mean. Revenues rose to $3.44 billion from $3.08 billion during the same quarter last year and topping the $3.33 billion consensus call.

In other sector news:

(+) Proteostasis Therapeutics ( PTI ) still was more than 3% higher in late Tuesday trading, easing from a nearly 18% gain that followed the biotechnology company disclosing plans to sell 9 million shares of its common stock. It expects to use net proceeds from upcoming stock sale for general corporate purposes, including capital expenditures, working capital and general and administrative expenses as well as acquiring or investing in complementary businesses, products and technologies.

(-) Tetraphase ( TTPH ) was little changed this afternoon, largely recovering from a more than 10% decline that followed the specialty drugmaker publishing positive data from Phase III testing of its Xerava drug candidate in patients suffering from obesity and renal problems and treating complicated intra-abdominal infection.

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: BIIB , PTI , TTPH

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