US Markets

Health Care Sector Update for 08/20/2019: IBIO,TEVA,MRUS,UTHR,MYL

Top Health Care Stocks

JNJ -0.82%

PFE -0.71%

ABT -0.07%

MRK +0.25%

AMGN -0.93%

Health care stocks were narrowly lower, including a fractional decline for the NYSE Health Care Index while the shares of health care companies in the S&P 500 also were down slightly more than 0.1% as a group. The Nasdaq Biotechnology index was falling almost 0.9%.

Among health care stocks moving on news:

(+) iBio (IBIO) doubled in price at one point on Tuesday, reaching a 14-month high of $1.40 a share after announcing a collaboration agreement with United Therapeutics' (UTHR) Lung Biotechnology PBC subsidiary to produce recombinant human collagen-based bioink for 3D bioprinted organ transplants using iBio's FastPharming system.

In other sector news:

(+) Teva Pharmaceutical Industries (TEVA) was 4% higher after beginning sales of a US Food and Drug Administration-approved generic version of Mylan's (MYL) EpiPen Jr epinephrine injection auto-injector to treat life-threatening allergic reactions. The new product will be available at most retail pharmacies with a wholesale cost of $300 for a 2-pack.

(-) Merus (MRUS) dropped 4.9% on Tuesday after the Dutch immuno-oncology company reported a Q2 net loss of $0.57 per share and missing the Capital IQ consensus expecting a $0.49 per share loss for the three months ended June 30. Revenue fell 14.7% from year-ago levels, also lagging the $8.3 million Street view.

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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