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Health Care Sector Update for 07/16/2020: NVAX,JNJ,NBRV,TCDA

Health care stocks lost ground on Thursday, with the NYSE Health Care Index declining 0.8% while the SPDR Health Care Select Sector ETF was down 0.2%.

The Nasdaq Biotechnology index also was falling over 0.8% this afternoon.

In company news, Novavax (NVAX) rose 8% after B Riley Thursday raised its price target for the biotechnology firm by $49 to $155 a share and also reiterated its buy investment recommendation for the stock.

Nabriva Therapeutics (NBRV) raced over 26% 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.

Johnson & Johnson (JNJ) was narrowly higher, reversing a mid-day slump 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.

Tricida (TCDA) dropped almost 43% to a record low of $15.05 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.

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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