Markets

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

Top Health Care Stocks

JNJ -0.10%

PFE +1.80%

ABT +0.15%

MRK +0.27%

AMGN -2.10%

Health care stocks were slightly higher Wednesday afternoon, including a nearly 0.2% gain for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were up more than 0.1% as a group, although the Nasdaq Biotechnology index was dropping almost 0.7%.

Among health care stocks moving on 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.

In other sector news:

+ Motif Bio plc ( MTFB ) rose almost 2% on Wednesday after the specialty drugmaker said the US 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 ) was dropping over 2% after the maker of implantable lenses and companion delivery systems for the eye 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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