Top Health Care Stocks
Health care stocks continued to lose ground this afternoon, including a more than 1.3% decline for the NYSE Health Care Index. Shares of health care companies in the S&P 500 also were down almost 1.0% as a group while the Nasdaq Biotechnology index was falling over 0.7%.
Among health care stocks moving on news:
(+) Biohaven Pharmaceutical (BHVN) was almost 20% higher late in Friday trading amid market speculation the biotechnology company is exploring a potential sale after recently attracting takeover interest. The company has already hired an investment banker to assist with the process, according to a Bloomberg report, while a Jefferies analyst last month identified Biogen (BIIB) as a likely suitor for Biohaven after pulling the plug on its aducanumab drug candidate after the prospective Alzheimer's medication failed to outperform a placebo in breaking down beta amyloid plaques during phase III testing.
In other sector news:
(+) Viveve (VIVE) rose nearly 20% after the medical device company said it received CE Mark clearance from European regulators for its next generation Viveve 2.0 cryogen-cooled monopolar radiofrequency system for the treatment of various post-partum conditions in women.
(-) X4 Pharmaceuticals (XFOR) dropped more than 17% on Friday after the specialty drugmaker disclosed plans for a public offering of shares of its common stock as well as pre-funded warrants and Class A warrants to purchase additional shares. The offering is subject to market and other conditions, the company said without providing the likely size or other terms of the proposed offering.
(-) TRACON Pharmaceuticals (TCON) tumbled nearly 50% after scrapping phase III testing of a combination of its TRC105 drug candidate and a previously approved chemotherapy, Votrient, in patients with advanced or metastatic cancer of the inner lining of their blood vessels due to futility as determined by its Independent Data Monitoring Committee.
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