Markets

Health Care Sector Update for 08/06/2018: VTL,NVCN,TROV

Top Health Care Stocks

JNJ +0.09%

PFE +1.33%

ABT +0.07%

MRK +0.47%

AMGN -0.17%

Health care stocks still were narrowly higher today, including a slightly more than 0.1% gain for the NYSE Health Care Index in recent trade. Also, shares of health care companies in the S&P 500 were up just over 0.2% as a group while the Nasdaq Biotechnology index was slipping less than 0.1% today.

Among health care stocks moving on news:

+ Vital Therapies ( VTL ) jumped out to a more than 9% gain on Monday after analysts at William Blair & Co. raised their investment rating to Outperform fro Market Perform and also increased their price target for the company's stock by $25 to $35 a share. The upgrade and 250% increase in its price target precede the scheduled September release of results from Phase III testing of its VTL-308 product candidate to treat liver failure.

In other sector news:

+ Neovasc ( NVCN ) said late Friday that it has signed a four-year collaboration and licensing agreement with Penn Medicine and the Gorman Cardiovascular Research Group at the University of Pennsylvania, resolving potential claims against the company over its Tiara transcatheter device to treat severe mitral regurgitation. The deal also calls on Neovasc to pay stepped royalties on Tiara revenues following its first commercial sale.

- TrovaGene ( TROV ) was trading higher Monday despite the biotech company reporting a wider-than-expected Q2 loss, posting an adjusted net loss of $0.44 per share, improving on last year's $3.12 net loss but still missing the Street view expecting a $0.33 per share net loss. Revenue grew year-over-year to $112,000 from $102,000, matching the Street view.

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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