Markets

Health Care Sector Update for 01/31/2019: CRON,CRON.TO,MO,ABC,SCYX,PULM

Top Health Care Stocks

JNJ +2.04%

PFE +2.75%

ABT +0.92%

MRK +1.66%

AMGN +0.48%

Health care stocks held on to their mid-day advance, including a nearly 1.0% gain for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were up just over 1.0% as a group while the Nasdaq Biotechnology index was climbing about 0.8%.

Among health care stocks moving on news:

(+) Cronos Group ( CRON ) climbed almost 7% on Thursday after Altria Group ( MO ) said it continues to expect to complete its acquisition of a majority stake in the Canadian medical marijuana company before mid-year. Altria purchased a 45% equity stake in Cronos late last year and holds a warrant allowing it to buy an additional 10% of its shares, subject to regulatory reviews, a Feb. 21 vote by Cronos shareholders and other conditions.

In other sector news:

(+) Scynexis ( SCYX ) raced 43% higher on Thursday after saying its oral ibrexafungerp drug candidate produced clinical benefits in 17 of 20 patients with progressional fungal disease, with 11 patients having a complete or partial response and six patients showing a stable disease response.

(+) AmerisourceBergen ( ABC ) was 7% higher Thursday after reporting adjusted fiscal Q1 adjusted earnings of $1.60 per share on $45.39 billion in revenue, exceeding the Street view expecting a $1.51 per share non-GAAP profit for the pharmaceuticals product company on $43.85 billion in revenue.

(-) Pulmatrix ( PULM ) fell over 10% after it priced a $900,000 public offering of 5.3 million shares of its common stock at $0.17 apiece, representing about a 5% discount to Wednesday's closing price.

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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