Top Health Care Stocks
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Health care stocks were narrowly lower in late trade, including a 0.1% decline for the NYSE Health Care Index this afternoon. Also, shares of health care companies in the S&P 500 were down 0.1% as a group while the Nasdaq Biotechnology index was climbing less than 0.1% today.
Among health care stocks moving on news:
+ Nektar Therapeutics ( NKTR ) was more than 6% higher in late Thursday trading after the oncology drug-maker reported a Q2 profit, reversing a year-ago net loss and beating Wall Street estimates as revenue grew year-over-year and also surpassed analyst forecasts. The company earned $5.33 per share during the three months ended June 30, improving on a $0.39 per share net loss during the same quarter last year and exceeding the Capital IQ consensus by $0.04 per share. Revenue rose to $1.09 billion from just $34.6 million last year, topping the $1.03 billion Street view.
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 topping 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 beating 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.
+ 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 increasing 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.
- 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 revenues rose to $4 million during the quarter from $3.8 million last year but also lagging the $6.4 million Street view.
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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.
