Markets

Health Care Sector Update for 01/27/2017: ATHX,MATN,NOVN

Top Health Care Stocks

JNJ +1.19%

PFE +0.49%

MRK +0.27%

ABT +0.84%

AMGN +2.86%

Health care stocks helped to limit losses for the broader markets on Friday, with the NYSE Health Care Index rising over 0.7% while shares of health care companies in the S&P 500 also were posting a nearly 0.7% as a group.

In company news, Athersys ( ATHX ) fell to a record low on Friday after the regenerative medicine company today priced a $20 million public offering of 19.8 million shares of its common stock at $1.01 apiece, a 33.5% discount to Thursday's closing price.

The company expects to use the net proceeds for working capital and general purposes, including funding Phase III testing of it prospective treatment for stroke and other ongoing clinical programs.

ATHX shares were down more than 26% at $1.12 each in late trade after earlier sliding to a worst-ever $1.02 per share.

In other sector news,

(+) MATN, Maxim Group begins analyst coverage with a Buy recommendation and a $2 price target.

(-) NOVN, Reports "discordant" top-line results from two Phase III trials of its SB204 drug candidate, with one group of patients with acne vulgaris producing a statistically significant improvement in all three measures of skin quality while second group succeeded in only one.

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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