US Markets

Health Care Sector Update for 04/17/2019: IONS,NVS,MASI,TXMD,ONCS

Top Health Care Stocks

JNJ +0.61%

PFE -2.46%

ABT -4.58%

MRK -4.56%

AMGN -2.84%

Health care stocks were ending near their session lows, including a more than 2.5% slump for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down almost 2.8% as a group while the Nasdaq Biotechnology index was falling over 3.8%.

Among health care stocks moving on news:

(-) Ionis Pharmaceuticals (IONS) fell almost 15% after Novartis (NVS) presented additional phase III data showing its rival genetic therapy for spinal muscular atrophy Type 1 showed prolonged event-free survival. Novartis is expecting a decision from the US Food and Drug Administration next month on its new drug application for Zolgensma. The FDA approved Ionis' Spinraza spinal muscular atrophy drug in 2016.

In other sector news:

(-) TherapeuticsMD (TXMD) was 3.5% lower after signing a binding commitment letter with TPG Sixth Street Partners for a $300 million secured term loan financing facility available in three tranches.

(-) OncoSec Medical (ONCS) was drifting lower this afternoon, giving back a nearly 25% gain soon after the opening bell. The biotech company Wednesday announced a collaborative research agreement with the Duke University School of Medicine to evaluate the use of its Tavoplus drug candidate in combination or sequence with a HER2-plasmid vaccine using the company's intra-tumoral delivery system.

(-) Masimo Corp (MASI) declined over 7%. Berenberg began coverage of the monitoring technology company with a buy rating and a $160 price target.

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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