Markets

Health Care Sector Update for 08/11/2015: NVO,IBIO,PTCT

Top Health Care Stocks

JNJ -0.75%

PZE -0.62%

MRK -0.55%

ABT -1.01%

AMGN -1.18%

Health care stocks were falling in late trade, with the NYSE Health Care Sector Index declining 1.2% and shares of health care companies in the S&P 500 also falling about 1.2% as a group.

In company news, Organovo ( ONVO ) slumped Tuesday after the maker of artificial tissue used for drug-discovery and -testing reported a wider-than-expected fiscal Q1 net loss while revenue also trailed analyst projections.

The company posted a net loss of $0.10 per share, during the three months ended June 30, Revenue grew 209% over year-ago levels to $306,000 but still lagged analyst estimates by around $120,000.

ONVO shares were down 1% at 57.27 apiece in late trade. Heading into today's session, the stock had fallen almost 24% over the past 12 months.

In other sector news,

(+) IBIO, Receives U.S. Patent No. 9,155,201 for its monoclonal antibody targeting influenza.

(-) PTCT, Launches plans for $125 mln offering of convertible senior notes due 2022.

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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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