Health Care Sector Update for 11/06/2018: XNCR,MOR,MYL,AVNS

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Top Health Care Stocks

JNJ 0.00%

PFE -1.71%

ABT +0.37%

MRK -0.10%

AMGN -0.02%

Health care stocks weakened somewhat and have turned mixed in late trading, including a nearly 0.2% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 still were up more than 0.2% as a group while the Nasdaq Biotechnology index also was ahead by less than 0.1%.

Among health care stocks moving on news:

(+) Xencor ( XNCR ) after the early-stage biotechnology company reported a surprise Q3 profit and swamped analyst projections with its total revenue. The company working to engineer monoclonal antibodies to treat autoimmune disease, asthma and allergies and cancer, earned $0.05 per share during the three months ended Sept. 30, reversing a $0.52 per share during the same quarter last year and easily topping the Thomson Reuters consensus expecting a $0.52 per share net loss. Revenue for the July-to-September reporting period reached $29 million - including proceeds from the company's collaboration programs with Novartus ( NVS ) and Alexion Pharmaceuticals ( ALXN ) - compared with $0 during the year-ago quarter and sprinting past the $1.72 million analyst mean.

In other sector news:

(+) MorphoSys AG ( MOR ) climbed as much as 19% on Tuesday after the German biotechnology company reported better-than-expected Q3 net income. It earned EUR0.96, or about $1.09, per share during the three months ended Sept. 30, reversing a EUR0.83 per share net loss during the prior year period and beating the Capital IQ consensus by EUR0.46 per share. Revenue rose 72.7% from the year-ago period to EUR55 million from EUR15 million last year and narrowly missing the EUR55.5 consensus call. The company also said it is expecting FY18 revenue to be near the top of its previously issued guidance expecting between EUR67 million to EUR72 million.

(+) Mylan ( MYL ) rose over 16% at one point on Tuesday after the drugmaker reported non-GAAP Q3 net income of $1.25 per share, up from $1.10 per share last year and beating the Capital IQ consensus by $0.06 per share. Net sales slumped to $2.86 billion from $2.99 billion during the year-ago period earlier, missing the $2.91 billion analyst mean.

(-) Avanos Medical (AVNS) dropped more than 17% on Tuesday to a worst-ever $48.54 a share after the medical technology company missed Wall Street expectations with its Q3 revenue, upstaging better-than-expected net income. Revenue grew 10% to $165.1 million from $150.5 million during the year-ago period, trailing the $166.6 million Street view. Excluding one-time items, Avanos earned $0.38 per share, down from $0.61 per share last year and also lagged the analyst mean by $0.09 per share.

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: XNCR , NVS , ALXN , MOR , MYL

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