Health Care Sector Update for 10/09/2019: DERM,OCGN,DBVT
Top Health Care Stocks
Health care stocks were moderately higher this afternoon, with the NYSE Health Care Index showing a 0.8% advance while the shares of health care companies in the S&P 500 also were up almost 0.7% as a group. The Nasdaq Biotechnology index was climbing over 0.3%.
Among health care stocks moving on news:
(-) Dermira (DERM) fell nearly 3% after earlier Wednesday saying it has dosed the first participant in a phase III study of its lebrikizumab drug candidate in patients with moderate to severe eczema aged 12 years and older. The company is expecting to eventually enroll around 800 patients and reporting findings from a 16-week induction period of the monotherapy during the first half of 2021.
In other sector news:
(+) Ocugen (OCGN) raced over 30% higher after the biopharmaceuticals company said it authorized a new, $2 million stock buyback program. The company also said enrollment for a phase III trial of its OCU300 drug candidate in patients with ocular graft versus host disease was continuing, adding it is expecting to report topline results from the late-stage study during the final six months of 2020.
(-) DBV Technologies (DBVT) dropped 6.5% after the French biopharmaceuticals company Wednesday said it priced a $104.3 million public offering of over 15.82 million of its American depository shares in the US and Canada at $6.59 apiece, representing a 10.3% discount to Tuesday's closing price for the stock. It also sold 1.57 million ordinary shares at $13.12 each through a concurrent private placement in Europe, generating another $20.6 million in gross proceeds. Each DBV Tech ADS equals one-half of an ordinary share.