Markets

Health Care Sector Update for 06/01/2018: TNXP,CODX,ONVO

Top Health Care Stocks

JNJ +1.13%

PFE +0.74%

ABT +1.49%

MRK +1.98%

AMGN +2.47%

Health care stocks also were taking part in Friday's market rebound, including a nearly 0.7% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were up just over 1.0% as a group while the Nasdaq Biotechnology index was gaining more than 1.2%.

Among health care stocks moving on news:

- Tonix Pharmaceuticals Holding ( TNXP ) was down nearly 5% in recent trading despite the neuropsychiatric drug-maker presenting data from phase II testing of its Tonmya product candidate suggesting it significantly reduced reckless or self-destructive behaviors in military and veteran patients with post-traumatic stress disorder (PTSD) after 12 weeks of use. According to chief medical officer Gregory Sullivan, Tonmya is believed to reduce PTSD symptoms by improving sleep quality and by also addressing potential suicidal behaviors through its positive effect on sleep quality. He cautioned that while the rates of suicidal ideation and behaviors were not high enough for meaningful statistical studies, the new data - together with prior trial results - could eventually lead to the "better prediction of and interventions to prevent suicides" among PSTD patients.

In other sector news:

+ Co-Diagnostics ( CODX ) rallied Friday, posting a more than 76% advance in recent trading after earlier more than doubling in price, after the molecular diagnostics company said a Stanford University research group will use its CoPrimer technology in a study of genetic mutations. The Wang Group at Stanford is working to develop more efficient ways to detect multiple mutations of the epidermal growth factor receptor gene within a single reaction. The mutations are among the most frequently occurring mutations in lung cancer, Co-Diagnostics said.

- Organovo Holdings ( ONVO ) slumped Friday, at one point sinking over 13%, despite the early-stage artificial tissue-maker reporting it pared its fiscal Q4 net loss compared with the year-ago period, besting analyst projections, but also reporting a 36% year-over-year rise in revenue that still lagged Street views. Organovo narrowed its net loss for the three months ended March 31 to $0.07 per share from an $0.10 per share loss for the final three months of FY18 and squeaking by the Capital IQ consensus by a penny. Revenue rose to $1.11 million from $812,000 last year ago but missed the $1.30 million analyst mean. The company finished FY18 with around $43.7 million in cash and equivalents, which it said should be sufficient to meet its operating and capital needs through the current fiscal year and into FY20.

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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