Health care stocks were losing more ground this afternoon, with the NYSE Health Care Index declining 0.8% while the SPDR Health Care Select Sector ETF was down 0.6%.
The Nasdaq Biotechnology index also was falling over 1.5% this afternoon.
In company news, Johnson & Johnson (JNJ) was narrowly lower, giving back a small gain earlier Thursday after the health care conglomerate reported better-than-expected Q2 financial results and also raised its FY20 forecast. Excluding one-time items, it earned $1.67 per share on $18.3 billion in sales during the June quarter, topping the Capital IQ consensus call by $0.16 per share and $606 million, respectively.
Nabriva Therapeutics (NBRV) raced almost 28% higher on Thursday after the specialty drugmaker announced a deal to sell Merck's (MRK) Sivextro skin infection medication in the US through the end of 2023. Financial terms were not disclosed but Nabriva said the exclusive agreement includes renewable three-year extensions. It also hired pharmaceuticals contract sellers Amplity Health to assist with commercialization of Sivextro and its Xenleta anti-bacterial drug.
Tricida (TCDA) dropped over 40% to a record low of $15.68 a share after saying the US Food and Drug Administration has found deficiencies in the new drug application for its veverimer product candidate for metabolic acidosis in patients with chronic kidney disease. The FDA did not specify any of the deficiencies, Tricidia said, adding it plans to work with the agency to identify and resolve its concerns.
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