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Health Care Sector Update for 01/24/2017: TGTX,RMD,BIOA

Top Health Care Stocks

JNJ -1.97%

PFE -0.81%

MRK +0.06%

ABT -0.87%

AMGN -0.50%

Health care stocks slumped this afternoon, with the NYSE Health Care Index dropping 0.6% while shares of health care companies in the S&P 500 also were up nearly 0.6% as a group.

In company news, TG Therapeutics ( TGTX ) was higher shortly before Tuesday's closing bell after today confirming the U.S. Food and Drug Administration has designated the company's combination of its TG-1101 and TG-1102 product candidates as an orphan drug for the treatment for diffuse large b-cell lymphoma.

The drug combination currently is being evaluated in Phase IIb Trial for patients with relapsed or refractory large B-cell lyphoma as well as in Phase III testing in patients with both frontline and previously treated chronic lymphocytic leukemia.

TGTX shares ended 10% higher at $4.68 each.

In other sector news,

(+) RMD, Q2 EPS of $0.73 exceeds consensus by $0.03 per share. Revenue climbs 16.7% to $530.4 mln, also beating the $516.28 mln consensus. JP Morgan raises investment rating to Overweight from Neutral. Canaccord Genuity increases price target by $4 to $59 a share.

(-) BIOA, Prices upsized $17.5 mln public offering of 3.68 mln shares of its common stock - a 75% increase over it original proposal - at $4.75 a share, a 9.7% discount to Monday's closing price. Issues four-year warrants to buy up to 1.84 mln more shares at $5.50 each

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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