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Health Care Sector Update for 01/03/2018: EGLT,AVGR,VAR

Top Health Care Stocks

JNJ +0.7%

PFE +0.48%

ABT +0.22%

MRK -0.04%

AMGN +2.24%

Health care stocks were leading the US markets to fresh record highs, including a 0.6% gain for the NYSE Health Care Index in recent trading. Also Wednesday, shares of health care companies in the S&P 500 were up more than 0.9% as a group while the Nasdaq Biotechnology index ( NBI ) raced almost 1.5% higher.

Among health care stocks moving on news:

+ Egalet ( EGLT ) was trading higher Wednesday, holding on to part of a nearly 6% rise to a session high of $1.09 a share that followed the pharmaceuticals company partnering with generic drugmaker Valeant (VRX,VRX.TO) to jointly promote its Sprix pain-relief nasal spray. The companies expect to initially market the nonsteroidal, anti-inflammatory spray to dentists, dental specialists and oral surgeons during Q1. Financial terms of the two-year pact were not disclosed.

In other sector news:

+ Avinger ( AVGR ) gained Wednesday after the medical-device manufacturer said it has successfully treated the first seven patients with peripheral artery disease using its next-generation Pantheris Lumivascular atherectomy system at a hospital in Munster, Germany.

- Varian Medical Systems ( VAR ) slipped Wednesday after Evercore ISI began analyst coverage of the company with an Underperform rating and a $100 price target.

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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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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