Health Care Sector Update for 01/02/2020: DRRX,SEM,TLRY

Top Health Care Stocks

JNJ -0.45%

PFE -0.66%

ABT -0.67%

MRK +0.38%

AMGN -0.64%

Health care stocks were drifting lower to begin the new year, with the NYSE Health Care Index sinking over 0.3% in recent trade while shares of health care companies in the S&P 500 also were down more than 0.3% as a group. The Nasdaq Biotechnology index was dropping almost 1.2%.

Among health care stocks moving on news:

(-) Durect (DRRX) tumbled nearly 32% after the biopharmaceutical company said it will halt development of its DUR-928 product candidate after the topical treatment failed to demonstrate a benefit compared with a placebo during phase IIb testing in patients with mild to moderate plaque psoriasis.

In other sector news:

(-) Select Medical Holdings (SEM) dropped almost 2% after disclosing its purchase of a 17.2% interest in Concentra Group Holdings from various stakeholders for $338.4 million, boosting its overall stake to around 65.2%.

(-) Tilray (TLRY) slid more than 3% on Thursday. The company said its Tilray Portugal Unipessoal subsidiary will export up to 2.5 metric tons of medical cannabis into Israel. The shipment is expected to arrive early this month and marks the first medical cannabis import allowed in Israel. The company also said it will buy up to 5 tons of Good Manufacturing Practices-certified whole flower from Canndoc, beginning by mid-2020.

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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