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Health Care Sector Update for 09/09/2019: TLRY,ACHC,ACAD,RGEN

Top Health Care Stocks

JNJ -0.60%

PFE +0.6%

ABT -2.00%

MRK -3.73%

AMGN -2.9%

Health care stocks retreated Monday, with the NYSE Health Care Index (^NYP) dropping nearly 1.0% this afternoon while the shares of health care companies in the S&P 500 (XLV) also were down just 1.0% as a group. The Nasdaq Biotechnology index (^NBI) was falling more than 0.7%.

Among health care stocks moving on news:

(-) Tilray (TLRY) fell over 5% after the Canadian cannabis company Monday said it has signed a definitive agreement with 77% shareholder Privateer Holdings extending the lock-up period and establishing an orderly process for the distribution of 75 million Tilray shares now held by Privateer to its individual stakeholders. The companies June 10 announced a non-binding letter of intent for the proposed transaction.

In other sector news:

(+) Acadia Pharmaceuticals (ACAD) raced as much as 85% higher to $43.98 a share after the company Monday said its pimavanserin drug candidate met its primary endpoint during phase III testing, with patients with dementia-related psychosis who were treated with the drug demonstrating a "highly statistically significant" longer time to relapse compared with patients treated with a placebo.

(+) Acadia Healthcare Co (ACHC) was 6% higher in Monday trade after a new regulatory filing showed CEO Debra Osteen last Thursday bought another 20,000 shares of the inpatient psychiatric services company's common stock last Thursday at an average price of $26.53 a share. Following her $530,660 purchase last week, Osteen now directly owns 117,178 Acadia shares.

(-) Repligen Corp (RGEN) declined 12.5% on Monday. S&P Dow Jones Indices late Friday said the biotechnology company will move up from the S&P SmallCap 600 indices to the S&P MidCap 400, effective with the start of regular trading on Monday, Sept. 23.

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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