Markets

Health Care Sector Update for 01/04/2019: MYGN,TNDM,FLKS,SYNH

Top Health Care Stocks

JNJ +1.57%

PFE +2.35%

ABT +2.66%

MRK +2.97%

AMGN +3.22%

Health care stocks rose Friday, including a more than 2.4% gain for the NYSE Health Care Index in recent trade. The shares of health care companies in the S&P 500 also were up almost 2.8% as a group while the Nasdaq Biotechnology index was climbing over 4.8%.

Among health care stocks moving on news:

(+) Myriad Genetics ( MYGN ) rose as much as 10% on Friday after the molecular diagnostics company said its GeneSight test helped improve outcomes for patients with treatment-resistant major depression, with remission rates jumping to 31% after 24 weeks. The six-month response rates hit 44% while 43% of the patients showed at least some symptom improvement.

In other sector news:

(+) Flex Pharma ( FLKS ) still was almost 40% higher in late Friday trade, easing from a more than 80% spike earlier in the session after agreeing to a merger with privately held oncology drugmaker Salarius Pharmaceuticals. Flex Pharma shareholders will own 19.9% of the combined companies at closing, which is expected before mid-year.

(+) Syneos Health ( SYNH ) was almost 10% higher in afternoon trading after the clinical research organization said it will be sharing new research and insights at the Biotech Showcase and the Digital Medicine & Medtech Showcase events beginning Monday, Jan.7, in San Francisco. The events run parallel to the J.P. Morgan Healthcare Conference also in San Francisco next week.

(+) Tandem Diabetes Care ( TNDM ) rose 7% in recent trading. The company late Thursday said it named Rebecca Robertson - the founder and managing director at Versant Ventures - as a Class II independent director on the medical device company's board.

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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