Top Health Care Stocks
Health care stocks far outpaced other sectors in Friday trade, with the NYSE Health Care Index climbing more than 0.7% 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 ahead nearly 1.9%.
Among health care stocks moving on news:
(+) Arrowhead Pharmaceuticals (ARWR) was nearly 6% higher in late Friday trading after saying a combination of its JNJ-3989 experimental drug licensed from Johnson & Johnson (JNJ) with a nucleoside analog showed strong clinical activity against chronic Hepatitis B during phase II testing. Initial data from a separate mid-stage trial also showed when JNJ-3989 was combined with another experimental protein inhibitor and a nucleoside analog the triple combination was well tolerated in Hepatitis B patients and achieved robust reductions in serum used to predict disease reversion.
In other sector news:
(+) Iovance Biotherapeutics (IOVA) climbed more than 12% on Friday after the cancer immunotherapy company shared positive data from phase II testing of its lifileucel adoptive cell therapy, saying that 35% of the patients with metastatic melanoma in a second trial cohort who were treated with lifileucel demonstrated an objective response rate of 35%. The company is expecting to file a biologics license application for lifileucel with the US Food and Drug Administration in late 2020.
(+) Guardant Health (GH) rose over 11% after the precision oncology company significantly narrowed its Q3 net loss compared with year-ago levels and also exceeding analyst estimates. Net loss for the three months ended Sept. 30 was $0.14 per share, improving on a $1.94 per share loss last year and beating the Capital IQ consensus expecting a $0.37 per share quarterly loss.
(-) Arena Pharmaceuticals (ARNA) fell almost 3% after late Thursday reporting a wider-than-expected Q3 net loss and a 62.2% drop in revenue for the September quarter also trailing analyst estimates. The specialty drugmaker recorded a Q3 net loss of $1.46 per share, more than doubling its year-ago loss of $0.70 per share and missing the Capital IQ consensus expecting a $1.32 per share net loss. Total revenue fell to $1.35 million from $3.57 million last year, lagging the $2.06 million Street view.
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