Health Care Sector Update for 03/09/2018: INSY,ARDM
Top Health Care Stocks
Health care stocks were on positive ground Friday, including a nearly 0.9% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were up more than 1.2% as a group while the Nasdaq Biotechnology index was gaining almost 1.3%.
Among health care stocks moving on news:
- Insys Therapeutics ( INSY ) plunged almost 13% at one point during Friday trading, sinking to a session low of $6.69 a share, after the specialty drugmaker late Thursday reported an adjusted Q4 net loss missing Wall Street expectations and reversing a non-GAAP profit during the year-ago period. Excluding one-time items, the company fell to a net loss of $0.61 per share during the three months ended Dec. 31 compared with a $0.03 per share adjusted profit during the final three months in 2016 and lagging the Capital IQ consensus expecting a $0.14 per share net loss. Revenue fell to $31.49 million from $54.86 million last year, also trailing the $34.0 million Street view.
In other sector news:
Aradigm ( ARDM ) held a narrow gain Friday after the pharmaceuticals company said it has submitted a marketing authorization application with European regulators for its Linhaliq drug candidate to treat non-cystic fibrosis bronchiectasis in patients with a chronic lung infection and Pseudomonas aeruginosa. The move follows pre-submission meetings between Aradigm and the European Medicines Agency in October and November 2017, the company said. Linhaliq was found to be generally safe and well-tolerated during a pair of Phase III trials of the once-a-day inhaled formulation.
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