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Health Care Sector Update for 08/03/2020: IMUX

Health care firms were advancing premarket Monday with the Health Care SPDR (XLV) up 0.55% and the iShares NASDAQ Biotechnology Index (IBB) 0.82% higher in recent trading.

Immunic (IMUX) was gaining more than 37% in value after saying its phase 2 study of the drug IMU-838 in patients with relapsing-remitting multiple sclerosis achieved all of its primary and key secondary endpoints. Separately, Immunic posted a net loss of $0.90 per share for the three months ended June 30, compared with a loss of $1.52 per share a year earlier. Analysts polled by Capital IQ expected a loss of $0.69 per share.

Varian Medical Systems (VAR) was rallying past 22%. The company said Sunday it agreed to be acquired by Siemens Healthineers in a $16.4 billion all-cash transaction. Separately, Varian reported fiscal Q3 non-GAAP earnings of $0.78 per share, down from $1.32 a year earlier but beating the Capital IQ analyst consensus of $0.52.

McKesson (MCK) was more than 4% higher as it reported fiscal Q1 adjusted earnings of $2.77 per share, declining from $3.31 a year earlier. Analysts polled by Capital IQ had an average earnings estimate of $2.39 per share.

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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