Markets

Health Care Sector Update for 08/09/2018: EBS.SRPT,PTLA

Top Health Care Stocks

JNJ -0.16%

PFE -1.41%

ABT -0.12%

MRK -1.06%

AMGN -0.91%

Health care stocks were narrowly mixed Thursday, including a 0.1% decline for the NYSE Health Care Index in recent trading. Also, shares of health care companies in the S&P 500 were up 0.1% as a group while the Nasdaq Biotechnology index was climbing over 0.7%.

Among health care stocks moving on news:

+ Emergent Biosolutions ( EBS ) was extending its Thursday gains, rising more than 5% in recent trading, after announcing its purchase of PaxVax, paying $270 million in cash for private equity-owned specialty vaccines company. Emergent anticipates the transaction will boost its per-share earnings by the end of 2019 and also increase its 2019 revenue by $70 million to $90 million over current projections. The company also expects the deal to close during the final three months of the year.

In other sector news:

+ Sarepta Therapeutics ( SRPT ) was up more than 8% in recent trading, easing somewhat from a more than 11% session high, after the specialty drugmaker late Wednesday reported Q2 revenue more than double compared with the year-ago period and also topped analyst projections. Revenue increased to $73.5 million during the three months ended June 30 from $35 million during the same quarter last year and beat the Capital IQ consensus expecting $71.5 million in quarterly revenue. The better-than-expected revenue also was working to upstage a disappointing Q2 net loss of $0.43 per share, excluding one-time items, improving on a $0.48 per share non-GAAP net loss last year but still missing the Street view looking for a $0.41 per share adjusted net loss.

- Portola Pharmaceuticals ( PTLA ) fell more than 13% on Thursday after reporting Q2 financial results trailing Wall Street projections. The drugmaker lost $1.61 per share in the April-to-June fiscal period, expanding on a $1.22 per share loss during the year-ago quarter and missing the Capital IQ consensus forecast expecting a net loss of $1.51 per share. Total revenue rose to $4 million during the quarter from $3.8 million last year but also lagging the $6.4 million 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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