Markets

Health Care Sector Update for 05/22/2018: CTMX,RDY

Top Health Care Stocks

JNJ -0.68%

PFE +0.29%

ABT -1.03%

MRK +0.34%

AMGN +1.54%

Health care stocks were little changed Tuesday after giving back narrow gains earlier in the session. The NYSE Health Care Index was falling slightly more than 0.1% in recent trading. Shares of health care companies in the S&P 500 were up slightly more than 0.1% as a group although the Nasdaq Biotechnology index was rising nearly 0.8% this afternoon.

Among health care stocks moving on news:

+ CytomX Therapeutics ( CTMX ) advanced Tuesday, climbing more than 3%, after the specialty pharmaceuticals company said federal regulators have cleared its CX-2029 drug candidate to treat several forms of solid and hematologic cancers. CytomX is co-developing CX-2029 with AbbVie ( ABBV ) and this week's approval by the US Food and Drug Admnistration of the company's investigational new drug application triggers a $25 million milestone payment to CytomX from Abbvie.

In other sector news:

+ Dr. Reddy's Laboratories Ltd ( RDY ) was almost 2% higher Tuesday afternoon despite the Indian drugmaker reporting a smaller per-share profit and a drop in revenue compared with year-ago levels. The company earned $0.28 per share during the three months ended March 31, down from $0.29 per share last year, while revenue declined to $543 million from $546 million during the first three months of 2017. Analyst estimates were not available for comparison.

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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