Health Care Sector Update for 01/26/2024: LNTH, PTCT, PCSA

Health care stocks were advancing Friday afternoon, with the NYSE Health Care Index rising 0.8% and the Health Care Select Sector SPDR Fund (XLV) up 0.6%.

The iShares Biotechnology ETF (IBB) was fractionally lower.

In corporate news, Lantheus (LNTH) said Friday it's being sued by two Novartis (NVS) entities for patent infringement in connection to a generic drug used to treat certain neuroendocrine tumors. Lantheus shares were rising 1.5%.

PTC Therapeutics (PTCT) shed 0.3% after saying the European Medicines Agency's Committee for Medicinal Products for Human Use issued a negative opinion following a re-examination procedure for the conditional marketing authorization of Translarna.

Processa Pharmaceuticals (PCSA) said Friday it priced a public offering of 1.6 million shares and warrants to buy up to 1.6 million of its common stock for gross proceeds of about $7 million. Its shares sank 29%.

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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