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Health Care Sector Update for 08/07/2018: MNOV,RKDA,SYNH

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Top Health Care Stocks

JNJ -0.30%

PFE -0.27%

ABT -0.67%

MRK +0.47%

AMGN +1.15%

Health care stocks were little changed, including a less than 0.1% gain for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were down less than 0.1% as a group although the Nasdaq Biotechnology index has jumped out to a nearly 0.9% gain Tuesday.

Among health care stocks moving on news:

+ MediciNova ( MNOV ) was nearly 3% higher in recent Tuesday trading after the biotech company said it expects to begin phase II/III testing of its ibudilast drug candidate in patients with degenerative cervical myelopathy. The company is partnering with the University of Cambridge during the upcoming trial to study whether ibudilast is more effective than a placebo in improving patient outcomes after spinal surgery.

In other sector news:

- Arcadia Biosciences ( RKDA ) was swinging between moderate gains and losses this afternoon, trading in a range almost 2% either side of its break-even mark, after saying a July 25 European Commission decision limiting the use of modern gene-editing technologies within the EU should not restrict its TILLING pipeline of genetically modified vegetables and grains. It also said it will continue using new gene-editing techniques to accelerate the commercialization of value-added plants in the United States and other jurisdictions where they are not regulated as genetically modified organisms.

- Syneos Health ( SYNH ) dropped over 2% on Tuesday after pricing a $300.9 million secondary offering of 6 million shares previously owned by Thomas H Lee Partners LP at $50.15 each, representing a 3.5% discount to Monday's closing price.

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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