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Health Care Sector Update for 07/17/2019: ADXS,SGEN,GHSI,IMRN

Top Health Care Stocks

JNJ -0.35%

PFE -0.18%

ABT +3.23%

MRK +0.50%

AMGN -0.01%

Health care stocks eased slightly from their mid-day gains this afternoon, with the NYSE Health Care Index rising almost 0.3% in late trade while shares of health care companies in the S&P 500 also were up nearly 0.2% as a group. The Nasdaq Biotechnology index was climbing over 0.3%.

Among health care stocks moving on news:

(+) Advaxis (ADXS) turned lower in late trade, giving back a nearly 4% mid-afternoon advance, after the specialty drugmaker Wednesday said it was seeking to raise up to $17.25 million through a public offering of stock and using the proceeds to fund additional research and testing of neoantigen-directed immunotherapies as a potential cancer treatment. The company is expecting to spend between $33 million to $37 million over the 12 months as it ramps up clinical trial activity. It finished the six months ended April 30 with $33.7 million in cash and marketable securities.

In other sector news:

(+) Guardion Health Sciences (GHSI) climbed as much as 159% on Wednesday after the health sciences company said it received a patent from the Patents Registry in Hong Kong for its MapcatSF medical device, which measures the macular pigment density in the human eye and facilitating treatment for several ocular conditions and diseases. Guardion previously received a patent for MapcatSF in the People's Republic of China.

(+) Seattle Genetics (SGEN) rose 19% after the oncology drug company late Tuesday reported above-consensus revenue for its Q2 ended June 30 and said it has submitted a biologics license application for its Enfortumab Vedotin drug candidate, prompting analysts at least two firms on Wednesday to raise their price targets for the company's stock. Supported by a record $159 million in sales for its Adcetris cancer medication, total revenue for the company increased 28.3% over year-ago levels, reaching $218.4 million and breezing past the Capital IQ consensus expecting $189.8 million in revenue.

(-) Immuron (IMRN) fell 13% after the biotechnology company Wednesday priced a $1.36 million public offering of 339,130 of its American depositary shares at $4 each, representing a 7% discount to Tuesday's closing price. The specialty drugmaker plan to use the net proceeds for clinical development and working capital.

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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