Markets

Health Care Sector Update for 04/02/2019: IMAC,RUBY,ADMA,EVOK

Top Health Care Stocks

JNJ -0.86%

PFE +0.27%

ABT -0.20%

MRK -0.01%

AMGN +0.37%

Health care stocks continued to pare their prior declines this afternoon, including a nearly 0.2% dip for the NYSE Health Care Index in late trade. Shares of health care companies in the S&P 500 also were down just over 0.1% as a group although the Nasdaq Biotechnology index was climbing over 0.9%.

Among health care stocks moving on news:

(+) IMAC Holdings ( IMAC ) rose more than 8% after the regeneration and pain care chain Tuesday announced plans to acquire ISDI Holdings, which manages three similar clinics in the greater Chicago region, for about $5.3 million in stock. After the proposed deal closes, former Chicago Bear player and head coach Mike Ditka will become brand ambassador for the company, which will be renamed Mike Ditka IMAC Regeneration Centers.

In other sector news:

(+) ADMA Biologics ( ADMA ) soared 24% after the biopharmaceuticals company said its Asceniv drug product will be ready for a commercial launch during the second half of 2019 after the US Food and Drug Administration recently approved the intravenous immune globulin medication for the treatment of primary humoral immunodeficiency disease in adults and adolescents.

(+) Rubius Therapeutics ( RUBY ) climbed 6.5% on Tuesday after CEO Pablo Cagnoni said pre-clinical data for its Red Cell Therapeutics product lines "could transform the immuno-oncology treatment landscape." The company's RTX-240 and RTX-224 product candidates replicate how the immune system naturally attacks and kills tumors by activating the adaptive and innate systems through direct cell-cell interaction.

(-) Evoke Pharma ( EVOK ) dropped 47% after the FDA turned down the company's bid to market its Gimoti drug candidate as a treatment for acute and recurrent diabetic gastroparesis. The agency provided recommendations to address two remaining issues in the company's new drug application related to its clinical pharmacology and product quality but did not ask for more clinical data.

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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