Health Care Sector Update for 04/26/2019: MDCO,RGEN,SGEN
Top Health Care Stocks
Health care stocks were rising in recent trade, with the NYSE Health Care Index and shares of health care companies in the S&P 500 posting 0.7% and 0.6% gains respectively. The Nasdaq Biotechnology index was rising 0.3% this afternoon.
Among health care stocks moving on news:
(+) The Medicines Company (MDCO) was 7% higher Friday after Goldman Sach raised its investment recommendation on the biopharmaceuticals company to buy from neutral ahead of it reporting interim results from phase III testing of its inclisiran anti-cholesterol drug candidate at a May 18 industry conference. Goldman also raised its price target for the drugmaker to $55 a share, more than doubling a prior $25 call.
In other sector news:
(+) Repligen Corp (RGEN) surged 18% after announcing its $240 million acquisition of privately-held C Technologies. Under terms of the proposed transaction, Repligen - which Friday also issued preliminary results above-consensus for Q1 - will pay $192 million in cash and issue about $48 million of its common stock.
(-) Seattle Genetics (SGEN) fell 3% on Friday after RBC Capital Markets reduced its price target for the company's stock by $11 to $79 a share. The move followed the biotech firm narrowing its Q1 net loss during its March quarter, dropping 89% from the year-ago period to $0.08 per share and also beating the Capital IQ consensus expecting a $0.32 per share net loss.
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