US Markets

Health Care Sector Update for 06/12/2019: IMRN,SYBX,CTRV

Top Health Care Stocks

JNJ +1.34%

PFE +0.67%

ABT +0.54%

MRK +1.30%

AMGN +0.61%

Health care stocks were outpacing most other sectors, including a more than 0.5% gain for the NYSE Health Care Index while shares of health care companies in the S&P 500 also were up over 0.3% as a group. The Nasdaq Biotechnology index also was climbing more than 0.5% this afternoon.

Among health care stocks moving on news:

(+) Immuron (IMRN) rallied Wednesday, climbing 20%, after the biotech company said its Travelan drug candidate prevented bacillary dysentery in 75% of the non-human primates treated in a preclinical study of the anti-biotic alternative. The trial used eight juvenile rhesus monkeys in the Travelan cohort that were treated twice daily for a total of 12 doses in addition to four monkeys in the placebo group.

In other sector news:

(+) Synlogic (SYBX) was 27% higher after the synthetic biotic drug-maker said it was using Ginkgo's cell programming platform to build and test thousands of microbial strains and accelerate the development of potential drug candidates. Ginkgo also invested $80 million in Synlogic, buying over 6.34 million of its common shares and nearly 2.55 million pre-funded warrants, both at $9 apiece, while Synlogic paid $30 million to Ginkgo for synthetic biology services over the next five years.

(-) ContraVir Pharmaceuticals (CTRV) tumbled 16% after disclosing plans to sell nearly 2.9 million Class A units consisting of one share of common stock and a warrant to buy another share. Certain institutional investors participating in the stock sale are eligible to instead buy Class B units containing ContraVir's Series E preferred stock convertible into common stock as well as warrants to purchase more shares.

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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