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Health Care Sector Update for 09/27/2019: SGEN,PRPO,GOSS,VCNX

Top Health Care Stocks

JNJ -0.26%

PFE +1.03%

ABT -1.26%

MRK -1.11%

AMGN -0.46%

Health care stocks still were drifting lower on Friday, including a nearly 0.7% decline for the NYSE Health Care Index while the shares of health care companies in the S&P 500 also were down over 0.6% as a group. The Nasdaq Biotechnology index was falling more than 0.9%.

Among health care stocks moving on news:

(-) Seattle Genetics (SGEN) rose over 4% after Goldman Sachs Friday raised its investment recommendation for the cancer medicines company to buy from neutral previously and increased its price target for the company's stock by $22 to $100 a share.

In other sector news:

(+) Gossamer Bio (GOSS) climbed nearly 7% after a new regulatory filing showed CEO Sheila Gujrathi bought another 10,000 of the company's shares at an average price of $16.80 apiece, increasing her indirect stake in specialty drugmaker to nearly 4.05 million shares, including stock scheduled to vest over the next three years.

(-) Vaccinex (VCNX) dropped 5% this afternoon. The biotechnology company on Friday said interim data from phase Ib/II testing of its pepinemab drug candidate in combination with a previously approved chemotherapy showed 59% of patients with non-small cell lung cancer appeared to benefit from the combination compared with Bavencio alone.

(-) Precipio (PRPO) turned sharply lower this afternoon, sinking 13.5% and giving up an early 12.8% advance. The cancer diagnosis surged on Thursday after it said several large laboratories have completed validation studies of company's IV-Cell cytogenetics media product and its HemeScreen Assay. The labs were "proceeding toward placing orders" after first exhausting their existing inventories, the company said.

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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