Markets

Health Care Sector Update for 11/09/2017: SNES,OTIC,INCR

Top Health Care Stocks

JNJ -0.47%

PFE +0.54%

ABT +0.40%

MRK -0.37%

AMGN +0.27%

Health care stocks were trending lower this afternoon, with the NYSE Health Care Index dropping just over 3% while shares of health care companies in the S&P 500 were down less than 0.1% as a group.

In company news, SenesTech ( SNES ) slid to a session low of $1.86 a share during Thursday trading, with shares of the fertility control company for nuisance animals losing almost one-third of their prior value at one point today, after it disclosed plans for a public offering of its common stock and warrants to buy additional shares.

The company did not provide any terms for proposed stock sale, including the number of shares to be sold or at what price. It said net proceeds, after first paying underwriter discounts and other offering expenses, will be used for working capital and general corporate purposes such as the commercialization of its ContraPest lead product.

In other sector news,

(+) OTIC, Almost doubles in price after Otividex drug candidate meets primary target of clinically significant benefit during Phase II trial in patients with Meniere's disease, reversing negative results during Phase I testing. Pares Q3 net loss to $0.69 per share from $0.91 per share last year and beats Street view expecting $0.82 per share net loss.

(-) INCR, Slides to lowest share price since July 2016 after adjusted Q3 EPS of $0.54 misses Street view by $0.08 per share. Revenue rises 128% to $592.2 mln but also trails $605 mln consensus. Projected adjusted Q4 net income of $0.52 to $0.60 per share lags analyst mean by at least $0.12 per share.

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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