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Health Care Sector Update for 11/08/2019: IOVA,GH,ARNA

Top Health Care Stocks

JNJ +0.27%

PFE +0.20%

ABT +0.03%

MRK +0.34%

AMGN +0.97%

Health care stocks were rising in Friday trade, with the NYSE Health Care Index climbing nearly 0.5% while the shares of health care companies in the S&P 500 also were up almost 0.4% as a group. The Nasdaq Biotechnology index was ahead 1.3%.

Among health care stocks moving on news:

(+) Iovance Biotherapeutics (IOVA) climbed 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.

In other sector news:

(+) Guardant Health (GH) rose 8% 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 4.5% 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.

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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