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Health Care Sector Update for 10/29/2019: MRTX,NEO,MOR,GLPG

Top Health Care Stocks

JNJ +0.38%

PFE +2.94%

ABT +1.22%

MRK +4.05%

AMGN +2.17%

Health care stocks were sharply higher this afternoon, with the NYSE Health Care Index rising over 1.4% while the shares of health care companies in the S&P 500 also were up almost 1.5% as a group. The Nasdaq Biotechnology index also was climbing more than 0.8%.

Among health care stocks moving on news:

(+) Mirati Therapeutics (MRTX) climbed over 16% after the oncology company lae Monday said its MRTX849 drug candidate demonstrated early efficacy in patients with solid tumors expressing KRAS G12C mutations during phase I/II testing. Dose-expansion is now underway to determine the maximum tolerated dose, the company said, adding it was continuing to enroll new patients.

In other sector news:

(+) NeoGenomics (NEO) jumped nearly 10% higher on Tuesday after the genetic testing company earned $0.07 per share during the three months ended Sept. 30, excluding one-time items, improving on a $0.05 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.01 per share. Revenue grew 51.5% over the same quarter last year to $104.7 million, also topping the $99.4 million Street view.

(-) MorphoSys (MOR) was 2.4% lower this afternoon after the biotechnology company and Galapagos (GLPG) saying they were ending phase II testing of their MOR106 drug candidate after interim analysis indicated the prospective treatment for atopic dermatitis was unlikely to meet the primary endpoint of the trial. The company said it was exploring a future strategy for MOR106.

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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