Markets

Health Care Sector Update for 01/08/2018: MDRX,NTEC,NVS,CELG

Top Health Care Stocks

JNJ -0.06%

PFE -1.02%

ABT -0.33%

MRK -0.50%

AMGN +0.60%

Health care stocks were trending lower Monday, including a more than 0.6% decline for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were down nearly 0.7% as a group while the Nasdaq Biotechnology index slid almost 1.7% lower.

Among health care stocks moving on news:

- Allscripts Healthcare Solutions ( MDRX ) was little changed in mid-day trading, erasing almost all of a more than 1% decline earlier that followed the health care information technology company announcing a deal to acquire cloud-based health care records company Practice Fusion for $100 million in cash. Allscript said the deal compliments its existing product and service portfolio by extending its reach into independent physician offices. The deal should close before the end of March, it said, with Allscripts planning to pay for the transaction using its existing secured credit facilities and available cash.

In other sector news:

- Intec Pharma ( NTEC ) was edging lower in the afternoon despite the Israeli drugmaker signing a feasibility and option agreement with Novartis ( NVS ) to explore using its accordion-pill platform technology for a proprietary Novartis compound.

- Celgene ( CELG ) declined after Monday confirming plans to acquire Impact Biomedicines for $1.1 billion in cash plus contingent payments based on regulatory approvals and sales-based milestones. The company also reported preliminary adjusted FY17 net income of $7.44 per share, up 25% over year-ago levels and beating the Capital IQ consensus expecting $7.34 per share. It also sees non-GAAP Q4 EPS of $2.00, rising 24% over the same quarter last year and also topping the analyst mean by $0.07 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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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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