US Markets

Health Care Sector Update for 09/13/2019: SDC,FCSC,RTTR

Top Health Care Stocks

JNJ +0.18%

PFE -0.94%

ABT -1.36%

MRK -0.25%

AMGN +0.97%

Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index falling almost 0.3% in recent trade while the shares of health care companies in the S&P 500 also were up slightly more than 0.1% as a group. The Nasdaq Biotechnology index was climbing just over 0.4%.

Among health care stocks moving on news:

(+) SmileDirectClub (SDC) was trading over 9% higher in its public market debut after late Thursday pricing its initial public offering of stock at $23 per share, topping its projected $19 to $22 per share price range. More than 58.5 million shares were sold through the IPO, which generated $1.3 billion in gross proceeds for the online seller of teeth alignment products. The company also provided underwriters with a 30-day option to buy up to 8.78 million additional shares, which if fully exercised, would produce an extra $202 million in gross proceeds for the company.

In other sector news:

(+) Fibrocell Science (FCSC) was soaring almost 60% higher after the specialty drugmaker agreed to a $63.3 million cash buyout offer from privately held Castle Creek Pharmaceutical Holdings. Under the terms of the proposed transaction, Fibrocell investors will receive $3.00 in cash for each of their shares, representing a 63.9% premium to Thursday's closing price.

(-) Ritter Pharmaceuticals (RTTR) dropped more than 70% to a record low of 29 cents a share on Friday after saying while its RP-G28 drug candidate showed significant improvement in symptoms in patients with lactose intolerance during phase III testing it failed to demonstrate a meaningful statistical difference compared with patients who received a placebo during the trial. RP-G28 also missed the secondary endpoints of the trial.

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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