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Health Care Sector Update for 09/24/2019: URGN,NEOG,AIM,ADPT

Top Health Care Stocks

JNJ -0.02%

PFE -0.59%

ABT -0.90%

MRK -1.04%

AMGN -0.59%

Health care stocks ended lower on Tuesday, with the NYSE Health Care Index falling 0.7% while the shares of health care companies in the S&P 500 fell 0.9% as a group. The Nasdaq Biotechnology index tumbled 2%.

Among health care stocks moving on news:

(-) UroGen Pharma (URGN) fell 1.5%, bouncing back from an early 10.2% drop to a new 23-month low of $29.73 a share, after announcing encouraging results from a late-stage trial of its UGN-101 drug candidate, with the mitomycin gel demonstrating a 59% complete response rate in patients with low-grade upper tract urothelial cancer. Based on the positive results, the company said it is expecting to complete the new drug application for UGN-101 for submission to the US Food and Drug Adminstration before the end of the year.

In other sector news:

(+) AIM ImmunoTech (AIM) tumbled 15%. The company announced a $8.32 million funding grant from the US Department of Defense on Tuesday. The Pentagon breakthrough award will fund phase II testing of a combination of therapies, including the company's Ampligen drug candidate, in patients with brain-metastatic breast cancer.

(-) Adaptive Biotechnologies (ADPT) declined 7.8% this afternoon. The biotechnology company Tuesday announced a new partnership with Illumina (ILMN) to develop in-vitro diagnostic test kits for next-generation sequencing-based immunodiagnostics.

(-) Neogen (NEOG) dropped almost 12% on Tuesday after the diagnostic test kits company reported fiscal Q1 net income of $0.28 per share, slipping from a $0.29 per share profit during the same quarter last year and trailing the Capital IQ consensus for the three months ended August 31 by $0.02 per share. Revenue grew 1.8% year-over-year to $101.4 million, also lagging the $105.2 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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