Health Care Sector Update for 02/13/2020: XBIT,APT,WST,AVRO

Top Health Care Stocks

JNJ -0.47%

PFE -1.66%

ABT +0.21%

MRK -1.31%

AMGN -0.22%

Health care stocks fell Thursday, with the NYSE Health Care Index declining 0.3% while the shares of health care companies in the S&P 500 also were down 0.2% as a group. The Nasdaq Biotechnology index was sinking nearly 0.6%.

Among health care stocks moving on news:

(-) XBiotech (XBIT) tumbled 24% after the immuno-therapy company Thursday said it will spend $420 million to buy back 14 million of its common shares at $30 apiece through a "modified Dutch auction" tender offering. Overall, investors tendered nearly 41.2 million shares at or below the maximum $33 per share, with the company repurchasing about 31.9% of the tendered shares, after giving effect to odd lots.

In other sector news:

(+) Alpha Pro Tech (APT) climbed 10% after the company said it has booked more than $10.4 million in orders for its N-95 particulate respirator face mask since Jan. 27 in response to rising customer demand resulting from the coronavirus outbreak. The company said it was expecting to fill about 30% of the new orders during the current quarter ending in March and expects to recognize additional revenue growth as more orders are filled.

(+) West Pharmaceutical Services (WST) was ahead 7.4% after the drug delivery systems company reported an increase in non-GAAP net income to $0.82 per share from $0.73 per share last year and beating the Capital IQ consensus by $0.10 per share. Net sales rose 11.4% year-over-year to $470.6 million, exceeding Wall Street expectations.

(-) Avrobio (AVRO) declined 15.5% after the genetic therapy company priced a $100 million public offering of 4.35 million shares at $23 apiece, representing a 14.5% discount to Wednesday's closing price. Net proceeds will fund ongoing development of its prospective treatments for Fabry disease and cystinosis as well as Gaucher disease and Pompe disease.

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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