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Health Care Sector Update for 01/15/2020: MDRX,OGI,OGI.TO,NKTR

Top Health Care Stocks

JNJ +0.01%

PFE +1.26%

ABT +1.75%

MRK +1.45%

AMGN +0.46%

Health care stocks were rising, with the NYSE Health Care Index Wednesday climbing 1.1% while the shares of health care companies in the S&P 500 also were up just under 1.0% as a group. The Nasdaq Biotechnology index was gaining 0.6%.

Among health care stocks moving on news:

(+) Allscripts Healthcare Solutions (MDRX) climbed 2% after the electronic health records company Wednesday said it has extended partnership with PIH Health, which operates three hospitals in California, through 2025. Financial details of the contract extension were not disclosed.

In other sector news:

(+) Organigram Holdings (OGI) raced 44% higher after the Canadian cannabis company reported better-than-expected fiscal Q1 results, posting a net loss of of CAD0.01 per share for the three months ended Nov. 30, reversing a CAD0.20 per share profit during the same quarter last year but still topping the Capital IQ consensus looking for a CAD0.03 per share quarterly loss. Net revenue grew 102% over year-ago levels to CAD25.2 million, also breezing past the CAD19.5 million analyst mean.

(-) Nektar Therapeutics (NKTR) slumped Wednesday, sinking 18% after a pair of FDA advisory panels late Tuesday unanimously recommended against approving the company's oxycodegol opiate drug candidate to treat chronic low back pain requiring daily medication. The Anesthetic and Analgesic Drug Products and the Drug Safety and Risk Management advisory committee cited a lack of data and worries over potential abuse.

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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