Health Care Sector Update for 11/08/2018: MYOK,PLTA,CAH,PRGO

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Top Health Care Stocks

JNJ +0.29%

PFE -0.65%

ABT +0.47%

MRK +0.45%

AMGN -1.09%

Health care stocks were mixed in late trade this afternoon, including a nearly 0.2% gain for the NYSE Health Care Index. Also, shares of health care companies in the S&P 500 were down just under 0.1% as a group while the Nasdaq Biotechnology index was sinking almost 1.1% today.

Among health care stocks moving on news:

(+) MyoKardia ( MYOK ) was down almost 6% shortly before Thursday's closing bell after the early-stage biopharmaceutical company reported a GAAP Q3 net loss of $0.39 per share compared with a $0.50 per share loss during the prior-year period and beating the Capital IQ consensus expecting a net loss of $0.50 per share for the three months ended Sept. 30. Collaboration and license revenue nearly tripled over year-ago levels, rising to $9.19 million from $3.08 million last year. No analyst estimate for revenue was available for comparison.

In other sector news:

(+) Portola Pharmaceuticals ( PTLA ) raced as much as 31% higher on Thursday after the biotech company working to develop treatments for thrombosis and other hematologic diseases reported Q3 financial results exceeding Wall Street estimates. The company narrowed its net loss to $1.08 per share from $1.41 per share from the same quarter last year and beat the Capital IQ consensus by $0.57 per share. Total revenue soared 274% year over year to $14.2 million, also topping the $7.1 million analyst mean.

(+) Cardinal Health ( CAH ) was trading more more than 3% higher after reporting non-GAAP net income of $1.29 per share for its fiscal Q1, improving on a $1.09 per share gain during the year-ago quarter and easily beating the Capital IQ consensus by $0.22 per share. Total revenue rose 8% year over year to $35.2 billion, bettering the $33.7 billion Street view.

(-) Perrigo ( PRGO ) fell to an eight-year low on Thursday, falling over to their lowest share price since December 2010 at $63.50 a share after the specialty drugmaker reported an 8.1% decline in revenue compared with the year-ago period to $1.13 billion and missing the Capital IQ consensus by $40 million. Perrigo also lowered its forecast for adjusted FY18 net income by $0.30 per share to a new range of $4.45 to $4.65 per share and missing analyst estimates by at least $0.21 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: MYOK , PTLA , CAH , PRGO

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