Markets

Health Care Sector Update for 08/08/2018: ENDP,NVTA,MTFB,STAA

Top Health Care Stocks

JNJ -0.16%

PFE +1.58%

ABT +0.19%

MRK +0.31%

AMGN -2.18%

Health care stocks still were slightly higher this afternoon, including a more than 0.3% gain for the NYSE Health Care Index in late trade. Also, shares of health care companies in the S&P 500 were up nearly 0.2% as a group although the Nasdaq Biotechnology index dropped over 0.7% today.

Among health care stocks moving on news:

+ Endo International ( ENDP ) jumped more than 37% on Wednesday, touching a 22-month high at $17.34 a share, after the Irish drugmaker reported Q2 financial results beating analyst projections and also signed a new licensing agreement with Nevakar to distribute up to five new sterile injectable products developed by its New Jersey-based partner. Endo also said it earned $0.76 per share during the three months ended June 30, excluding one-time items, on $715 million in net sales, exceeding the Capital IQ consensus by $0.16 per share and $32 million, respectively.

In other sector news:

+ Invitae ( NVTA ) climbed as much as 21% on Wednesday after reporting Q2 financial results exceeding Wall Street expectations and also increasing its FY18 sales outlook at least $1.8 million above the $133.2 analyst mean. Net loss for the genetic information company was $0.47 per share, paring a $0.67 per share loss in the year-ago period and topping the Capital IQ consensus mean expecting a $0.54 per share loss. Net sales jumped 161% year over year to $37.3 million, also beating the $31.5 million Street view.

+ Motif Bio plc ( MTFB ) rose almost 2% on Wednesday after the specialty drugmaker said the U.S. Patent and Trademark Office will issue two patents related to the use of its iclaprim drug candidate to treat patients with bacterial infections caused by drug resistant staphylococcus aureus. The new patents will expire in November 2037.

- STAAR Surgical ( STAA ) dropped over 2% after the maker of implantable lenses and companion delivery systems for eyes Wednesday priced a $67.8 million public offering of nearly 1.74 million shares of its common stock at about $39 apiece, representing a 2.3% discount to Tuesday's closing price. Underwriters also received an option to buy up to 260,850 additional shares and the company said it expects to use net proceeds to fund operations, which may include its implantable Collamer lens family of products.

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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