US Markets

Health Care Sector Update for 11/15/2019: PSTV,TARO,AMRN,TORC

Top Health Care Stocks

JNJ +2.47%

PFE +2.39%

ABT +1.53%

MRK +0.54%

AMGN +0.85%

Health care stocks extended their Friday advance, with the NYSE Health Care Index climbing more than 1.8% in late trade while the shares of health care companies in the S&P 500 were up nearly 2.2% as a group. The Nasdaq Biotechnology index was climbing over 1.3%.

Among health care stocks moving on news:

(+) Plus Therapeutics (PSTV) was nearly 16% higher shortly before Friday's closing bell after the early-stage drugmaker reported a Q3 net loss of $0.03 per share, improving on a $22.27 per share net loss during the same quarter last year and beating the single-analyst estimate expecting a $5.85 per share net loss. Revenue surged to $4.8 million from just $454,000 during the year-ago period, also topping the lone analyst call looking for the company to produce no revenue during the September quarter.

In other sector news:

(+) Taro Pharmaceutical Industries (TARO) climbed almost 14% after the company launched a modified "Dutch auction" tender offer to buy back up to $225 million of its ordinary shares between $80 to $92 per share and representing up to 7.3% of the drugmaker's currently outstanding shares. The offer is scheduled to expire on Dec. 16 at 5 pm ET, unless extended by the company.

(+) Amarin (AMRN) rose nearly 13% after an FDA advisory panel unanimously said the US Food and Drug Administration should approve expanded use and labeling of its Vascepa cholesterol medication to reduce the risk of heart attacks, strokes and other major cardiovascular events.

(-) resTORbio (TORC) plunged 88% to a record low of 94 cents a share after the early-stage biopharmaceuticals company said its RTB101 drug candidate failed to meet the primary endpoint of a producing a statistically significant reduction in clinically symptomatic respiratory illness in elderly patients compared with a placebo during phase III testing.

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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PSTV TARO AMRN TORC

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