Top Health Care Stocks
Health care stocks were rising Wednesday, with the NYSE Health Care Index climbing nearly 0.6% while shares of health care companies in the S&P 500 gained nearly 0.9% as a group. The Nasdaq Biotechnology index was ahead almost 1.3%.
Among health care stocks moving on news:
(+) T2 Biosystems (TTOO) jumped 59% on Wednesday after the diagnostic products company said it has restructured a term loan agreement with CRG Servicing. It extended the interest-only payment period by an extra year until March 2022 and lowered the minimum revenue targets for 2020 to 2022 below its current financial forecast in exchange for issuing 10-year warrants to CRG to buy up to 568,291 shares at $1.55 apiece and cut the exercise price for warrants previously issued to CRG to the same price.
In other sector news:
(+) Lexicon Pharmaceuticals (LXRX) was nearly 30% higher, easing from a 58% spike soon after Wednesday's opening bell, after the firm terminated its alliance with Sanofi (SNY) to develop and commercialize its Zynquista diabetes drug. The company regains all rights to Zynquista and will receive $208 million upfront along with another $52 million due within 12 months.
(-) Tilray (TLRY) dropped more than 2% after the cannabis company announced plans to sell up to $400 million of its Class 2 common shares through an at-the-market offering through Cowen & Co.
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