Markets

Health Care Sector Update for 12/20/2018: SPPI, MNKD, TLRY, BUD, PFE, JNJ, ABT, MRK, AMGN

Top Health Care Stocks:

JNJ: -0.40%

PFE: -0.07%

ABT: +0.10%

MRK: Flat

AMGN: Flat

Health care stocks were mixed in pre-bell trading Thursday.

Early movers include:

(-) Spectrum Pharmaceuticals ( SPPI ), which was plunging more than 34% after announcing that the US Food and Drug Administration did not grant Breakthrough Therapy Designation to poziotinib for the treatment of patients with metastatic non-small cell lung cancer whose tumors have EGFR exon 20 mutations.

(-) MannKind ( MNKD ) was dropping more than 21% in value after it priced an underwritten public offering of 26.7 million shares of common stock and warrants for total gross proceeds of $40 million. Each share is being sold with a warrant to purchase one share of common stock for a combined purchase price of $1.50.

(+) Tilray ( TLRY ) was up more than 11% after the company unveiled a partnership with Belgian brewer Anheuser-Busch InBev ( BUD ) to jointly invest $100 million in researching cannabis-infused drinks.

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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