Markets

Health Care Sector Update for 08/09/2017: PGNX,NTRA,SGRY

Top Health Care Stocks

JNJ +0.74%

PFE +0.45%

ABT -0.23%

MRK +0.25%

AMGN -0.06%

Health care stocks were edging slightly higher in late trade, with the NYSE Health Care Index still holding on to a 0.1% gain while shares of health care companies in the S&P 500 also were up about 0.1% as a group.

In company news, Progenics Pharmaceuticals ( PGNX ) shares fell to an 18-month low on Wednesday, dropping to their worst level since February 2016 at $4.60 a share after earlier today reporting a larger Q2 loss that analysts were expecting and revenue tumbled by roughly two-thirds compared with year-ago levels.

Net loss during the three months ended June 30 was $0.24 per share, expanding on an $0.08 per share loss' during the same quarter last year and missing the Capital IQ consensus expecting a $0.21-per-share net loss. Total revenue fell over 67% to to $2.8 million from $8.5 million last year, also trailing the $3.3 million Street view.

In a statement, Progenics also said today that it is nearing completion of a new drug application with federal regulators for its Azedra drug candidate and expects to complete the rolling submission for the prospective treatment for certain types of pheochromocytoma and paraganglioma.

In other sector news,

(+) NTRA, Q2 net loss of $0.52 per share is $0.02 per share smaller than the Capital IQ consensus. Revenue grows 3.1% to $53.6 mln, also topping the $50.6 mln analyst mean.

(-) SGRY, Drops to record low after reporting non-GAAP Q2 net loss of $0.01 per share compared with analyst consesnsus expecting a $0.19 per share profit. Revenue slips 0.5% to $288.4 mln, also lagging the $316.7 mln analyst mean.

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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