Markets

Health Care Sector Update for 04/08/2019: NAVB,INSM,HSGX,UTHR

Top Health Care Stocks

JNJ -0.19%

PFE +0.28%

ABT -0.61%

MRK -0.10%

AMGN -0.16%

Health care stocks were little changed just before the closing bell, including a less than 0.1% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down nearly 0.1% as a group although the Nasdaq Biotechnology index was falling over 0.4%.

Among health care stocks moving on news:

(+) Navidea Biopharmaceuticals ( NAVB ) raced over 21% higher on Monday after the US Food and Drug Administration said the company's phase IIb trial evaluating the precision and sensitivity of NAV3-31 imaging as an early biomarker of patient response to therapy in patients with rheumatoid arthritis was aligned with expectations for those studies. The agency also will continue to work with Navidea as it progresses to phase III testing of Tc99m tilmanocept imaging, the company said.

In other sector news:

(+) Histogenics ( HSGX ) raced over 50% higher after the biopharmaceuticals company agreed to be acquired by privately-held Ocugen in a stock swap providing Ocugen shareholders with a 90% share of the combined company, subject to closing adjustment that could give Histogenics investors an extra 5% of the firm based on its cash on hand at closing. No Histogenics employees will stay with the company, which will operate under the Ocugen name after the deal closes.

(+) Insmed ( INSM ) climbed nearly 6% at one point to a 15-year high of $32.15 a share after announcing preliminary Q1 net sales for its Arikayce drug treatment for Mycobacterium avium complex lung disease of around $21.9 million. All but $900,000 of those sales during the three months ended March 31 were from the US, the biopharmaceuticals company said.

(-) United Therapeutics ( UTHR ) fell 5% after Monday saying it was discontinuing work on its esuberaprost drug candidate after a combination of the prospective hypertension treatment and tyvaso failed to meet the primary endpoint of delaying the time to the first clinical worsening event in patients with pulmonary arterial hypertension compared with a combination of a placebo and tyvaso during phase III testing.

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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