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Health Care Sector Update for 10/31/2019: INOV,HSIC,SYNH

Top Health Care Stocks

JNJ -1.17%

PFE -0.23%

ABT -1.00%

MRK +0.02%

AMGN +0.42%

Health care stocks were falling, with the NYSE Health Care Index sinking nearly 0.7% this afternoon while shares of health care companies in the S&P 500 fell more than 0.6% as a group. The Nasdaq Biotechnology index was climbing more than 0.7%.

Among health care stocks moving on news:

(+) Inovalon Holdings (INOV) rose nearly 12% after the medical technology company reported Q3 net income and revenue exceeding Wall Street expectations and raised its FY19 outlook above prior forecasts. Excluding one-time items, it earned $0.15 per share, up from $0.11 per share share during the same quarter last year and beating the Capital IQ consensus by $0.03. Revenue rose 14% over year-ago levels to $166.5 million, topping the $164.9 million Street view.

In other sector news:

(-) Henry Schein (HSIC) turned lower this afternoon, reversing a 1% gain earlier in Thursday trade. The medical products distributor said it has authorized another $400 million for stock repurchases on top of the $400 million buyback plan it announced in December 2018.

(-) Syneos Health (SYNH) slid more than 8% on Thursday after the biopharmaceutical company lowered its FY19 revenue forecast, now projecting between $4.63 billion to $4.69 billion for the 12 months ending Dec. 31 from $4.64 billion to $4.75 billion. Analysts, on average, are expecting $4.69 billion in FY19 revenue.

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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