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Health Care Sector Update for 09/26/2019: MRNA,VEEV,MRNS,BTAI

Top Health Care Stocks

JNJ -1.28%

PFE -0.06%

ABT -0.13%

MRK +1.12%

AMGN -0.39%

Health care stocks pared some of their earlier retreat Thursday, with the NYSE Health Care Index slipping over 0.1% this afternoon while the shares of health care companies in the S&P 500 also were down almost 0.5% as a group. The Nasdaq Biotechnology index was dropping nearly 1.9% in late trade.

Among health care stocks moving on news:

(-) Moderna (MRNA) was down in afternoon trading, slipping almost 5%. The Boston-area genetic medicines company Thursday announced a multi-year partnership with researchers at Harvard University to identify and develop new treatments for immunological diseases. As part of the new collaboration agreement, Moderna will provide $1.2 million in initial funding for the Harvard medical school for basic research of the company's mRNA and nanoparticle delivery technology through the newly established Alliance for RNA Therapies for the Modulation of the Immune System.

In other sector news:

(+) Marinus Pharmaceuticals (MRNS) climbed nearly 22% after saying its ganaxolone product candidate met the primary endpoint in phase II testing evaluating the intravenous drug in patients with refractory status epilepticus. Ganaxolone also had an acceptable safety and tolerability profile in all dose groups, according to the company, which will present the study data during the Neurocritical Care Society annual meeting in October.

(-) Veeva Systems (VEEV) declined almost 1% on Thursday after cloud-based data management company for the life sciences industry announced its proposed acquisition of data analytics firm Crossix for $430 million in cash. Veeva also will issue $120 million in long-term equity retention grants to selected Crossix employees.

(-) BioXcel Therapeutics (BTAI) fell over 24% after the biopharmaceuticals company priced a $19 million public offering of just over 2.3 million shares of its common stock at $8.25 apiece. The company plans to use the net proceeds for general corporate purposes, which may include the development of product candidates and research and development.

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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