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.

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