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Health Care Sector Update for 11/01/2018: MOR,SNN,TEVA,PKI


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Top Health Care Stocks

JNJ +0.61%

PFE +1.26%

ABT +1.54%

MRK -1.11%

AMGN +0.12%

Health care stocks advanced today, including a more than 0.9% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 also were up over 1.1% as a group while the Nasdaq Biotechnology index was ahead nearly 3.8% today.

Among health care stocks moving on news:

(+) MorphoSys AG ( MOR ) was more than 16% higher this afternoon after the therapeutic antibody drugmaker said it will present data from Phase I and Phase IIa testing of its MOR202 and MOR208 hemato-oncological drug candidates at the annual meeting of the American Society of Hematology early next month in San Diego. In one study designed to measure the efficacy and safety of a combination of the company's Fc-enhanced CD19 antibody MOR208 in combination with the chemotherapy drug lenalidomide, 35% of the trial participants with relapsed or refractory diffuse large B cell lymphoma experienced a complete responses while another 25% had partial responses, producing an overall response rate of 58%, the company said in an abstract for a Dec. 1 presentation.

In other sector news:

(+) Teva Pharmaceutical Industries ( TEVA ) was more than 12% higher in recent trading after the drugmaker reported adjusted Q3 net income of $0.68 per American depository share, down from $1.00 per ADS and topping the Capital IQ consensus by $0.14 per share. Total revenue slid to $4.53 billion from $5.62 billion last year, roughly in-line with the $4.54 billion analyst mean. The company also raised its FY18 outlook to a new range of $2.80 to $2.95 per share from its prior guidance expecting between $2.55 to $2.80 per share and also exceeding the Street view by at least $0.02 per share.

(+) Smith & Nephew ( SNN ) has slowly extended its gain by Thursday afternoon, rising more than 8% after the medical device company announced improved Q3 revenue, advancing 2% over year-ago levels on a reported basis to $1.17 billion. U.S. sales grew 4% year-over-year during the September quarter while emerging-market sales jumped 10%. There was a 1% sales decline for other established markets, it said. Looking forward, the company is projecting a 3% to 4% in FY18 sales over the prior-year period. The company did not provide Q3 earnings and analyst estimates also were not available for comparison.

(-) PerkinElmer's ( PKI ) declined Thursday, falling as much as 9%, after the medical diagnostics company reported adjusted Q3 net income of $0.90 per share, improving on a $0.73 per share during the year-ago period but still missing the Capital IQ consensus by $0.02 per share. Revenue rose to $674.3 million from $554.3 million a year ago but also came up shy of the $676.72 million analyst mean. The company also lowered its FY18 earnings forecast by $0.05 per share, now expecting non-GAAP net income of $3.60 per share, also trailing the $3.66 per share Street view.

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: MOR , TEVA , SNN , PKI



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