Health Care Sector Update for 06/27/2018: APLS,ALXN,CO,PTIE

Top Health Care Stocks

JNJ -0.28%

PFE flat

ABT +0.28%

MRK flat

AMGN +0.10%

Health care stocks were straddling both side of their starting marks in Wednesday's pre-market session.

Among health care stocks moving on news:

- Pain Therapeutics ( PTIE ) was plunging over 75% lower Wednesday morning after an FDA advisory panel recommended against approving the company's Remoxy ER extended-release medication for the management of chronic pain severe enough to require daily, around-the-clock opioid treatment and for which alternative treatments are not available. The Anesthetic and Analgesic Drug Products and the Drug Safety and Risk Management advisory committees voted 14-to-3 to reject the abuse-deterrent oral oxycodone formulation. A final decision is due by August 7 on the company's lead product candidate by the US Food and Drug Administration, which is not required to follow the recommendations of its advisory panels but usually does.

In other sector news:

- Apellis Pharmaceuticals ( APLS ) late Tuesday said it has enrolled the first patient in its phase III trial evaluating the safety and efficacy of its APL-2 drug candidate compared with Alexion Pharmaceuticals' ( ALXN ) Solaris medication in patients with paroxysmal nocturnal hemoglobinuria, a genetic blood disorder characterized by complement-mediated thrombosis and hemolytic anemia. Apellis is developing the complement factor C3 inhibitor as a next-generation monotherapy with the goal of improving anemia and reducing transfusion dependency in hemoglobinuria patients. Apellis shares edged lower in after-hours trading, falling less than 0.2%.

- Global Cord Blood Corp ( CO ), formerly China Cord Blood, late Tuesday saw its fiscal Q4 profit shrink compared with year-ago levels, missing Wall Street estimates, and also reporting smaller-than-expected revenue growth. The company providing umbilical cord blood storage and ancillary services earned RMB0.25, or $0.04, per share during the three months ended March 31, down from RMB0.45 during the same quarter last year earlier and trailing the lone analyst call expecting $0.13 per share. Revenue rose 15% year over year to RMB233 million, or $37.1 million, also lagging the $39.36 million single-analyst call.

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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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