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Health Care Sector Update for 11/07/2018: FOMX,GHDX,PDLI,INGN


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Top Health Care Stocks

JNJ +1.47%

PFE +3.45%

ABT +2.16%

MRK +2.31%

AMGN +2.87%

Health care stocks continue to lead the U.S. markets higher today, including a more than 2.6% 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 2.8% as a group while the Nasdaq Biotechnology index was nearly 2.2% higher today.

Among health care stocks moving on news:

(-) Foamix Pharmaceuticals ( FOMX ) still was over 2% higher in late Wednesday, giving back a more than 13% gain soon after the opening bell that followed it reporting positive topline results from two Phase III trials of its FMX103 drug candidate to treat moderate-to-severe papulopustular rosacea, producing a clinically meaningful reduction in inflammatory lesions for roughly half of the participants in both studies. The identical, double-blind studies enrolled a total of 1522 adult subjects, with patients randomized 2-to-1 to receive either a FMX103 minocycline 1.5% foam or a control once daily for 12 weeks, respectively. The company said it would share more of the trial data as they become available over the rest of the year, adding it expects to file an new drug application for FMX103 with U.S. regulators in 2019.

In other sector news:

(+) Genomic Health ( GHDX ) rose over 30% to a best-ever $92.18 a share on Wednesday after reporting record revenue and earning for the three months ended Sept. 30 and also raised its FY18 outlook. The genetic diagnostics company earned $0.32 per share during the three months ended Sept. 30, reversing a $0.06 per share net loss during the same quarter last year and crushing the Capital IQ consensus expecting net income of $0.07 per share. Total revenue grew 23% year over year to $101.3 million, exceeding analyst estimates by $5.16 million. For FY18, the company is expecting GAAP net income in a range of $0.72 to $0.78 per share, up from $0.00 to $0.14 per share previously and topping the Street view by at least $0.19 per share. It also raised its FY18 revenue forecast to $389 million to $391 million from its prior view expecting between $366 million to $382 million and also exceeding the $380.91 million consensus call.

(+) PDL BioPharma ( PDLI ) rose almost 15% on Wednesday after reporting GAAP net income of $0.18 per share and more than doubling the $0.07 per share analyst consensus. Net sales rose 8% year over year to $67.9 million, topping the Street view by $17.3 million. The biotech and medical device conglomerate also said company president Dominique Monnet will succeed John McLaughlin as CEO at the end of 2018 after McLaughlin retires. She will also join the company's board.

(-) Inogen ( INGN ) tumbled Wednesday, sinking almost 19%, despite reporting improved Q3 financial results exceeding Wall Street expectations. The biotech company also raised its FY17 revenue forecast by $5 million over its prior guidance to a new range of $145 million to $155 million and straddling the $150 million analyst mean. It sees FY19 revenue in a range of $430 million to $440 million, topping the Capital IQ consensus by at least $600,000.

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: FOMX , GHDX , PDLI , INGN



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