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

Top Health Care Stocks

JNJ -0.84%

PFE -0.61%

ABT -0.71%

MRK +0.56%

AMGN +1.13%

Health care stocks climbed off their session lows shortly before Thursday's closing bell, with the NYSE Health Care Index sinking more than 0.4% this afternoon while the shares of health care companies in the S&P 500 were down nearly 0.4% as a group. The Nasdaq Biotechnology index also was falling almost 0.4%.

Among health care stocks moving on news:

(+) NuVasive (NUVA) was over 6% higher in late Thursday trading after the medical device company reported Q3 financial results exceeding Wall Street forecasts and also raised its FY19 outlook. Excluding one-time items, the company earned $0.59 per share, up from $0.56 per share during the same quarter last year and beating the Capital IQ consensus by $0.06 per share. Revenue increased 7.2% year-over-year to $290.8 million, also topping the $283.8 million analyst mean.

In other sector news:

(+) Inovalon Holdings (INOV) rose 10% 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 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.

(-) 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 7% 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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NUVA INOV HSIC SYNH

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