US Markets

Health Care Sector Update for 08/01/2019: MYGN,ACAD,ABMD

Top Health Care Stocks

JNJ -0.26%

PFE -1.49%

ABT -0.08%

MRK +0.54%

AMGN +0.32%

Health care stocks were rising, including a 0.9% gain for the NYSE Health Care Index while the shares of health care companies in the S&P 500 also were up 1% as a group. The Nasdaq Biotechnology index was climbing 1.2% this afternoon.

Among health care stocks moving on news:

(+) Myriad Genetics (MYGN) was trading 52% higher after Thursday saying UnitedHealthcare (UNH) will cover the cost of the company's GeneSight multi-gene diagnostic test to determine what psychotropic drugs will likely best treat certain mental conditions. According to a new regulatory filing by Myriad, the health care insurer will now cover pharmacogenetic testing for patients diagnosed with a major depressive disorder or anxiety and who were previously treated at least once with a medication that failed to adequately address their conditions.

In other sector news:

(+) Acadia Pharmaceuticals (ACAD) climbed 11.5% after reporting improved Q2 financial results and also raised its FY19 sales outlook. The specialty drugmaker recorded a $0.38 per share net loss compared with a $0.51 per share loss last year while net sales grew 46% over year-ago levels to $83.2 million. Analysts, on average, were expecting a $0.46 per share net loss on $72.5 million in Q2 sales.

(-) Abiomed (ABMD) fell 28% on Thursday after reporting fiscal Q1 revenue lagging Wall Street expectations and also cut its FY20 revenue outlook below the analyst mean. Fiscal Q1 revenue missed the Capital IQ consensus by $3.3 million. The medical device firm also sees revenue this year in a range of $885 million to $925 million, down from its prior forecast expecting between $900 million to $945 million and also trailing the $928.2 million average Street call.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MYGN ACAD ABMD