Health Care Sector Update for 03/29/2018: LIVN,PSDV,CGEN,BIOC

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Top Health Care Stocks

JNJ +0.87%

PFE +0.85%

ABT +1.50%

MRK -0.73%

AMGN +0.51%

Health care stocks were mostly higher in recent trade, including a more than 0.8% gain for the NYSE Health Care Index. Also today, shares of health care companies in the S&P 500 were up almost 1.2% as a group while the Nasdaq Biotechnology index was rising more than 1.1% this afternoon.

Among health care stocks moving on news:

+ LivaNova ( LIVN ) was almost 4% higher in late Thursday trading, giving back roughly half of its 8% gain earlier in the session that followed the medical technology company saying European regulators have approved a CE Mark for its Bicarbon aortic valves for use with low-dose anticoagulant therapy. LivaNova said the decision provide patients with additional choices when selecting a mechanical prosthesis and boosting their chances for a more active lifestyle.

In other sector news:

+ pSivida ( PSDV ) climbed as much as 25% higher on Thursday, reaching its best share price since early December, after saying it has bought privately held Icon Bioscience and its Verisome drug-delivery system for long-term treatment of ophthalmic and ocular conditions. Coupled with the acquisition, pSivida will receive a $60.5 million equity investment from EW Healthcare Partners and an unidentified third-party investor while SWK Holdings Corporation ( SWK ) will also provide the company with up to $20 million in debt financing. In addition to funding the Icon Bio purchase, the medical device company will use the new funding to build out its sales and marketing teams for its Dexycu injection to treat postoperative inflammation following cataract surgery and, pending FDA approval, its Durasert micro-insert treatment for non-infectious uveitis in the back of the eye.

+ Compugen ( CGEN ) jumped 10% higher in recent trading, retracing its advance soon after the opening bell Thursday morning that followed analysts at Oppenheimer began coverage of the Israeli immuno-oncology company with an Outperform rating and a $9 price target.

- Biocept ( BIOC ) slumped Thursday, at one point sinking almost 22%, after late Wednesday reporting a wider-than-expected Q4 net loss and a year-over-year decline in revenue also lagging analyst estimates. Net loss for the molecular oncology diagnostics company narrowed to $0.18 per share during the three months ended Dec. 31, improving on a $0.27 per share loss during the final three months in 2016 but still coming in $0.04 per share wider than the Capital IQ consensus. Revenue dropped over 23% to $1.0 million from $1.3 million during the prior-year period, also trailing the $1.1 million analyst mean. The company this afternoon also said it received a patent from Chinese officials for its molecular biomarker technology.

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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