Health Care Sector Update for 06/08/2018: TROV, ALNY, NVS

Top Health Care Stocks

JNJ +0.54%

PFE +0.44%

ABT -0.11%

MRK +0.71%

AMGN +0.58%

Health care stocks were advancing Friday, including a 0.5% gain for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were up nearly 0.4% as a group while the Nasdaq Biotechnology index was rising just over 0.3%.

Among health care stocks moving on news:

- TrovaGene ( TROV ) plunged under $1 a share for the first time on Friday, sinking at one point more than 55% to a worst-ever 79 cents a share, after the oncology therapeutics company late Thursday priced an $18 million public offering of 18 million shares at $1 apiece, a 43.5% discount to the last closing price for the company's stock. Investors also received an equal number of five-year warrants to buy an additional share at $1.10 each. The company also provided underwriters with a 45-day option to buy up to 2.7 million shares to cover possible over allotments. After first paying underwriter discounts and other offering expenses, TrovaGene is expecting about $16.2 million in net proceeds to fund ongoing research and development and general corporate activities.

In other sector news:

+ Alnylam Pharmaceuticals ( ALNY ) was hanging on to a small gain Friday afternoon, rising almost 1%, after reporting positive data from phase I/II testing of its lumasiran drug candidate to treat primary hyperoxaluria type, resulting in reduction in urinary oxalates, a marker for kidney stones. Alnylam had been scheduled to present additional data from the study earlier Friday at the European Hyperoxaluria Consortium industry conference in Naples, Italy, stating in prepared remarks that the "potent and durable reductions in urinary oxalates support a once-quarterly, subcutaneous dose regimen."

- Novartis AG ( NVS ) was fractionally lower Friday afternoon, dropping almost 1%, after the Swiss pharmaceuticals company reported data from phase III testing of its Lutathera drug candidate showing it significantly delayed the deterioration in the quality of life for patients with progressive midgut neuroendocrine tumors.

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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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