Markets

Health Care Sector Update for 12/19/2017: CGIX,TMO,PFNX,JAZZ,THC

Top Health Care Stocks

JNJ -0.03%

PFE -0.08%

ABT +0.66%

MRK +0.28%

AMGN +0.38%

Health care stocks were narrowly lower Tuesday, including a slightly more than 0.1% decline for the NYSE Health Care Index. Shares of health care companies in the S&P 500 were down less than 0.1% as a group.

Among health care stocks moving on news:

- Cancer Genetics ( CGIX ) opened more than 15% higher at $2.25 a share Tuesday after the specialty drugmaker said state regulators in New York have approved Thermo Fischer Scientific's ( TMO ) Oncomine Dx test combining multiple biomarkers used to diagnose non-small cell lung cancer. Cancer Genetics was one of the first companies to offer the test in the United States and the first to market it in New York.

In other sector news:

+ Pfenex ( PFNX ) climbed as much as 68% higher, touching a session high of $3.50 a share, after receiving $18.5 million in milestone payments from Jazz Pharmaceuticals ( JAZZ ). The companies also revised their commercialization agreement for Pfenex's hematology product candidates, including $43.5 million in additional milestone payments compared with their original 2016 pact and increasing its total value to $224.5 million in exchange for Pfenex accepting reduced sales royalties.

- Tenet Healthcare Corp ( THC ) fell Tuesday after starting the process of exploring a potential sale of its Conifer Health Solutions unit. Also expands cost-savings efforts to $250 million this year and lowers non-GAAP FY18 EPS outlook to a new range of $1.07 to $1.36 per share. The Street expects $1.27 per share.

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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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