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Health Care Sector Update for 09/01/2017: MGNX,JNJ,APVO,MGNX

Top Health Care Stocks

JNJ -0.95%

PFE +0.06%

ABT +0.38%

MRK -0.17%

AMGN +0.62%

Health care stocks were falling today, with the NYSE Health Care Index dropping almost 0.2% while shares of health care companies in the S&P 500 were down over 0.1% as a group.

In company news, MacroGenics ( MGNX ) declined Friday, sinking almost 12% to a session low of $16.73 a share today after the specialty drugmaker late yesterday said a Johnson & Johnson ( JNJ ) subsidiary terminated its collaboration and license agreement with the company and its duvortuxizumab cancer drug candidate, a CD19xCD3 ART molecule.

While pulling the plug on duvortuxizumab, Janseen Biotech, the J&J unit, Thursday also reaffirmed its commitment to MGD015, a second DART molecule licensed from MacroGenics.

The companies said duvortuxizumab's neurotoxicity profile appeared to be linked to how the B-lymphocyte antigen targets the CD19 gene, adding the issue was not seen with MacroGenics' other DART clinical programs. "Given our large portfolio of product candidates currently being pursued, it is unlikely that we will continue development of this molecule at this time," MacroGenics CEO Scott Koenig said in prepared remarks.

In other sector news,

(+) APVO, (+60.2%) Regains global development and commercialization rights for its MOR209/ES414 drug candidate for certain forms of prostate cancer after ending partnership with MorphoSys AG. Also sells three hyperimmune products - WinRho SDF, HepaGam B, and VARIZIG - to Saol Therapeutics for up to $74.5 mln.

(-) PGNX, (-6.4%) Postpones filing new drug application for its Azedra blood pressure medication until its manufacturing site is inspection-ready. Also reports 25% of 68 patients experience a 50% or more drop in all antihypertensive drugs for at least six month, meeting primary endpoint for Phase IIb trial.

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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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