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Health Care Sector Update for 04/18/2019: CGC, MBIO, EIGR

Top Health Care Stocks

JNJ -1.13%

PFE -1.39%

ABT +1.29%

MRK -0.87%

AMGN -2.37%

Health care stocks were falling, including a 0.2% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 also were down almost 0.1% as a group while the Nasdaq Biotechnology index was dropping 0.9%.

Among health care stocks moving on news:

(+) Canopy Growth ( CGC ) rose 4% on Thursday after the medical and recreational marijuana company said it was buying Acreage Holdings for $3.4 billion in cash and stock once cannabis production and sale becomes federally legal in the United States. Acreage owns or manages cannabis-related licenses across 20 states, including 87 dispensaries and 22 cultivation and processing sites and its board includes former Canadian Prime Minister Brian Mulroney and former US House Speaker John Boehner.

In other sector news:

(+) Mustang Bio ( MBIO ) more than doubled in price, at last look rising 124%, after the company said St. Jude Children's Research Hospital published positive data from phase I/II testing of the biopharmaceuticals company lentiviral gene therapy in newly diagnosed infants under two years old with X-linked severe combined immunodeficiency disorder - the so-called "bubble boy disease."

(-) Eiger BioPharmaceuticals ( EIGR ) dropped 15% after pricing a $49.5 million public offering of 4.5 million shares at $11 each, marking a 15.6% discount to Wednesday's closing price.

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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