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

Top Health Care Stocks

JNJ -0.34%

PFE +0.56%

ABT +0.06%

MRK +0.39%

AMGN -0.12%

Health care stocks were slipping this afternoon, with the NYSE Health Care Index declining nearly 0.3% while shares of health care companies in the S&P 500 were down more than 0.2%. The Nasdaq Biotechnology index was falling almost 1.0%.

Among health care stocks moving on news:

(-) 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.

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."

(-) 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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