Health Care Sector Update for 06/19/2019: MLNT,IRWD,AGN,IQV,CALA
Top Health Care Stocks
Health care stocks extended their prior gains, including a nearly 1.0% rise for the NYSE Health Care Index this afternoon while the shares of health care companies in the S&P 500 also were up nearly 1.0% as a group. The Nasdaq Biotechnology index was climbing just over 0.5%.
Among health care stocks moving on news:
(+) Melinta Therapeutics (MLNT) more than trebled in price Wednesday, at last look rising over 235%, after saying the US Food and Drug Administration accepted the supplemental new drug application seeking to expand the indication for its baxdela antibiotic to include adult patients with community-acquired bacterial pneumonia. The FDA approved baxdela in 2017 to treat acute bacterial skin and skin structure infections in adults.
In other sector news:
(+) Ironwood Pharmaceuticals (IRWD) climbed 2% after the biotechnology firm and Allergan (AGN) reported "positive" topline data from phase IIIb testing of their Linzess 290-microgram tablets on multiple abdominal symptoms in adult patients with irritable bowel syndrome with constipation. The trial met its primary, multi-component endpoint, demonstrating improved abdominal symptoms and reducing bloating, pain and discomfort compared to patients treated with a placebo.
(+) IQVIA Holdings (IQV) gained 6% on Wednesday following several brokerages raising their respective price targets on the company's stock.
(-) Calithera Biosciences (CALA) dropped 13% after the immunology company priced a $50 million public offering of 12.5 million shares at $4 apiece, representing a 15.6% discount to Tuesday's closing price.
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