US Markets

Health Care Sector Update for 06/13/2019: PRVB,SILK,RKDA

Top Health Care Stocks

JNJ -0.61%

PFE -1.17%

ABT +0.05%

MRK -0.72%

AMGN +0.39%

Health care stocks were drifting lower, with the NYSE Health Care Index slipping almost 0.4% while shares of health care companies in the S&P 500 also were down more than 0.3% as a group. The Nasdaq Biotechnology index was up 0.4% this afternoon.

Among health care stocks moving on news:

(-) Provention Bio (PRVB) was 6% lower in recent trading, reversing a 4.6% gain earlier Thursday. The monoclonal antibodies company this morning shelved its plans for an underwritten public offering of 5.5 million common shares, concluding market conditions were "not conducive" for a stock sale at this time. The company also will soon withdraw the Form S-1 preliminary prospectus it filed with federal regulators, Provention said.

In other sector news:

(+) Silk Road Medical (SILK) rose more than 1% after the medical device company said its TransCarotid artery-revascularization procedure to treat carotid blockages lowered the odds of an in-hospital heart attack by 59% compared with patients who had the material surgically removed from their carotid artery endarterectomy. The artery-revascularization procedure also reduced the chances of cranial nerve injury by 87%, Silk Road said.

(-) Arcadia Biosciences (RKDA) tumbled 33% after the agricultural productivity company generated $7.5 million in gross proceeds from a direct offering of nearly 1.49 million shares of its common stock priced at $5.035 apiece, or 14.8% below Wednesday's closing price. Investors also received a 66-month warrant to buy another share for $5 for each share they purchased in the original offering.

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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