Health Care Sector Update for 11/26/2018: RSLS,ALNY,EDGE,BHVN

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Top Health Care Stocks

JNJ -0.06%

PFE +0.67%

ABT +1.07%

MRK +1.13%

AMGN +0.97%

Health care stocks padded their moderate gains Monday afternoon, including a slightly more than 0.6% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 also were up nearly 1.0% as a group while the Nasdaq Biotechnology index was ahead almost 1.7%.

Among health care stocks moving on news:

(-) ReShape Lifesciences ( RSLS ) retreated to a record low on Monday, sinking 28% to a worst-ever 90 cents a share after the medical device company priced a $10 million private placement of 8 million shares of its common stock at $1.25 apiece, matching Friday's closing price. The ReShape shares were purchased by two unidentified healthcare-focused institutional investors, who also received five-year warrants to buy up to 8 million additional shares at $1.25 apiece. The stock sale and subsequent price slide also erased a 104% gain earlier Monday for ReShape that followed it saying also upstaged ReShape earlier Monday saying new trial data demonstrated its vBlocTM technology in combination with a continuous glucose monitoring device reduced the need for injectable insulin and other drug therapies for people with Type 2 diabetes.

In other sector news:

(+) Alnylam Pharmaceuticals ( ALNY ) recently pushed out to a more than 6% advance after the genetic therapies company and Vir Biotechnology said they have begun phase I/II testing of their VIR-2218 drug candidate in patients with chronic hepatitis B virus infections. Alnylam originated VIR-2218 as ALN-HBV02 but the name changed after Vir licensed the anti-viral medication. The new study also marks the first clinical use of Alnylam's enhanced stabilization chemistry-plus GalNAc conjugate delivery platform

(+) Edge Therapeutics ( EDGE ) was hanging on to a slightly more than 2% gain shortly before Monday's closing bell, easing from a more than 20% rise earlier in the session that followed the company agreeing to an all-stock buyout offer from privately held PDS Biotechnology Corp. Under terms of the proposed transaction, Edge investors will swap all of their shares for an undisclosed ratio of PDS shares that will provide Edge shareholders with a 30% stake in the combined companies. The deal is expected during the first three months of 2019, subject to shareholder approval at both firms and other customary closing conditions.

(+) Biohaven ( BHVN ) still was fractionally higher late Monday after saying the U.S. Food and Drug Administration has accepted the company's new drug application for its BHV-0223 drug candidate. The application is supported by data demonstrating the efficacy, tolerability and safety of the riluzole-based investigational treatment for amyotrophic lateral sclerosis.

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: RSLS , ALNY , EDGE , BHVN

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