US Markets

Health Care Sector Update for 06/14/2019: GBT,MCRB,ARQL,NAVB

Top Health Care Stocks

JNJ -0.29%

PFE +0.64%

ABT -0.02%

MRK +0.50%

AMGN -0.16%

Health care stocks continued to decline this afternoon, with the NYSE Health Care Index falling just over 0.2% while shares of health care companies in the S&P 500 also were down about 0.1% as a group. The Nasdaq Biotechnology index dropped more than 0.8%.

Among health care stocks moving on news:

(-) Global Blood Therapeutics (GBT) slipped about 6% on Friday. The early-stage biopharmaceuticals company earlier reported 24-week efficacy data showing its voxelotor drug candidate met its primary endpoint for phase III testing in patients with sickle cell disease, producing a statistically significant increase in hemoglobin levels compared with patients treated with a placebo. Voxelotor also reduced the incidence of worsening anemia and hemolysis, the company said.

In other sector news:

(+) ArQule (ARQL) roared to a 17-year high on Friday, climbing more than 44% to $9.08 a share, after the company released preliminary data from phase 1 testing of its ARQ 531 drug candidate, with the inhibitor of wild-type and C481S-mutant Bruton's tyrosine kinase showing "compelling clinical activity at a well-tolerated dose" in patients with relapsed or refractory hematologic malignancies who have already exhausted available therapies."

(-) Seres Therapeutics (MCRB) dropped almost 29% to a worst-ever $2.02 a share after the microbiome therapeutics company late Thursday priced a $60 million public offering of 26.67 million shares at $2.25 each, representing a 20.5% discount to Thursday's closing price. Seres expects to use the net proceeds, plus available cash, to advance work on its product candidates and other general corporate purposes.

(-) Navidea Biopharmaceuticals (NAVB) stumbled Friday, falling more than 31% to a worst-ever 68 cents a share, after the precision immuno-diagnostics company priced a $6 million public offering of 8 million shares of its common stock at 75 cents apiece, or 24.3% under Thursday's closing price.

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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