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

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Top Health Care Stocks

JNJ +0.29%

PFE -0.61%

ABT +0.62%

MRK +0.36%

AMGN -0.62%

Health care stocks were slightly lower this afternoon, including a less than 0.1% loss for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were down 0.1% as a group while the Nasdaq Biotechnology index was off almost 0.5%.

Among health care stocks moving on 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.

In other sector news:

(+) 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 bilion, bettering the $33.7 billion Street view.

(-) Perrigo ( PRGO ) fell 14% after the specialty drugmaker reported a decline in revenue compared with the year-ago period to $1.13 billion and missing the Capital IQ consensus by about $40 million. Perrigo also lowered its forecast for adjusted FY18 earnings to $4.45 to $4.65 per share and missing consensus estimate 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: PTLA , CAH , PRGO

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