US Markets

Health Care Sector Update for 07/02/2019: WMGI,CUR,AMRN,NTGN

Top Health Care Stocks

JNJ +0.20%

PFE +0.82%

ABT +0.22%

MRK +0.63%

AMGN -0.18%

Health care stocks were edging higher, reversing a mid-day decline. At last look, the NYSE Health Care Index was climbing over 0.2% while shares of health care companies in the S&P 500 also were up more than 0.2% as a group. The Nasdaq Biotechnology index was falling over 0.2% in late trade.

Among health care stocks moving on news:

(-) Wright Medical Group (WMGI) retreated almost 9% after RBC Capital Markets Tuesday lowered its price target for the medical device company by $2 to $34 a share and also reiterated its outperform rating for the company's stock.

In other sector news:

(+) Amarin (AMRN) climbed more than 16% after the drugmaker raised its FY19 revenue forecast and also said it was doubling its US sales force to support the commercial rollout for its Vascepa medication to lower cardiovascular risk. It sees revenue this year in a range of $380 million to $420 million, up from its prior outlook expecting around $350 million in revenue and straddling the $401.1 million Street view.

(+) Neuralstem (CUR) rose almost 7% after late Monday saying its NSI-566 lead stem cell asset showed encouraging results during phase I testing in patients with motor deficits resulting from ischemic stroke. The therapy also was well tolerated at all dose levels and the subjects all demonstrated stable increases in their Fugl-Meyer Motor Scores compared with their baseline levels, indicating the procedure may have potential benefit to stroke patients.

(-) Neon Therapeutics (NTGN) tumbled nearly 7% after the immuno-oncology company late Monday disclosed plans to raise up to $200 million through a mixed shelf offering, including common and preferred stock, warrants, units and debt securities. Net proceeds will be used for general corporate, which could include funding research and development, clinical trials, product manufacturing or potential strategic acquisitions.

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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