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Health Care Sector Update for 11/21/2019: PHIO,KRTX,CGC,WEED.TO,CRSP

Top Health Care Stocks

JNJ +0.36%

PFE +1.88%

ABT -0.39%

MRK +0.28%

AMGN +1.39%

Health care stocks were adding to their small gains shortly before Thursday's closing, with the NYSE Health Care Index climbing over 0.1% this afternoon while the shares of health care companies in the S&P 500 were up almost 0.3% as a group. The Nasdaq Biotechnology index also was hanging on to a nearly 0.3% gain.

Among health care stocks moving on news:

(-) Phio Pharmaceuticals (PHIO) advanced over 13% on Thursday after the immuno-oncology drugmaker said it was expanding its year-old research collaboration with the Karolinska Institutet in Stockholm, Sweden. Under terms of the new collaboration, the company and the Swedish medical school will study methods to reduce immune-inhibitory factors in the tumor micro-environment and also help the body overcome tumor immunosuppression using Phio Pharmaceuticals' Intasyl genetic therapy platform.

In other sector news:

(+) Canopy Growth (CGC) was trading more than 16% higher on Thursday. The Canadian medical and recreational marijuana company said it was aware of yet-to-be-certified securities class-action suits filed in the United States alleging it issued certain false and misleading statements. The company said the claims were without merit and that it will vigorously defend itself.

(-) CRISPR Therapeutics (CRSP) fell almost 12% after the gene-editing company priced a $274.1 million public offering of 4.25 million of its common shares at $64.50 apiece, or about 4% under Wednesday's closing price. Underwriters also received a 30-day option to buy up to 637,500 more shares to cover potential over-allotments.

(-) Karuna Therapeutics (KRTX) fell nearly 27% after the biopharmaceuticals company late Wednesday priced a $250 million public offering of 2.6 million common shares at $96 apiece, representing a 12% discount to its most recent closing price. The company also provided underwriters with a 30-day option to buy up to 390,000 additional shares.

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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