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Health Care Sector Update for 05/13/2019: TEVA,TTNP,INSY

Top Health Care Stocks

JNJ -1.51%

PFE -0.44%

ABT -1.34%

MRK -1.25%

AMGN -2.27%

Health care stocks were lower Monday with the NYSE Health Care Index declining almost 2% in recent trade while shares of health care companies in the S&P 500 were down 1.9% as a group. The Nasdaq Biotechnology index was falling 3.4%.

Among health care stocks moving on news:

(-) Teva Pharmaceutical Industries (TEVA) was down 15% after the drugmaker was one of 20 defendants named in a 44-state lawsuit filed late Friday in Connecticut accusing the companies of scheming to inflate drug prices and stifling competition for generic drugs.

In other sector news:

(-) Titan Pharmaceuticals (TTNP) fell about 3%. The drugmaker Monday announced a purchase and supply agreement with Express Scripts' Accredo specialty pharmacy for its Probuphine maintenance implant for opioid addiction. The company is expecting most of its Probuphine sales will be through the specialty pharmacy distribution model. Financial terms of the new contract were not disclosed.

(-) Insys Therapeutics (INSY) plunged over 74% on Monday after warning lawsuits over its fentanyl sales could bankrupt the company.

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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