Markets

Health Care Sector Update for 02/26/2019: MEDP,MNK,THC,NVCN

Top Health Care Stocks

JNJ +0.15%

PFE +0.13%

ABT +0.05%

MRK +0.78%

AMGN +0.54%

Health care stocks were mixed shortly before Tuesday's closing bell, including a nearly 0.1% rise for the NYSE Health Care Index, reversing a prior decline. Shares of health care companies in the S&P 500 were down almost 0.2% as a group while the Nasdaq Biotechnology index were climbing nearly 0.2%.

Among health care stocks moving on news:

(-) Medpace Holdings ( MEDP ) dropped just over 21% after guiding adjusted FY19 net income in a range of $2.58 to $2.69 per share, excluding one-time items, trailing the Capital IQ consensus expecting a $2.97 per share non-GAAP profit for the clinical contract research organization during the 12 months ending in December.

In other sector news:

(+) Mallinckrodt ( MNK ) rose 10% after the drugmaker reported Q4 financial results beating analyst projections as well as above-consensus guidance for its current fiscal year. It earned $2.18 per share during the three months ended Dec. 28, excluding one-time items, on $834.9 million in revenue compared with the Street view expecting an adjusted Q4 profit of $1.98 per share on $681.5 million in revenue.

(+) Tenet Healthcare Corp ( THC ) raced over 10% higher after late Monday reporting non-GAAP Q4 net income from continuing operations of $0.51 per share on $4.62 billion in revenue, topping the Capital IQ consensus looking for an adjusted profit of $0.29 per share on $4.50 billion in revenue.

(-) Neovasc ( NVCN ) tumbled 29% after the medical device company priced a $5 million public offering of 11.11 million shares at 45 cents apiece, representing a 28.6% discount to Monday'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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