US Markets

Health Care Sector Update for 12/02/2019: BBIO,KOD,BWAY,PHAT,CELG

Top Health Care Stocks

JNJ -0.05%

PFE -0.38%

ABT -1.11%

MRK -0.18%

AMGN -0.41%

Health care stocks still were mostly lower in recent trade, with the NYSE Health Care Index falling almost 0.4% while the shares of health care companies in the S&P 500 also were down nearly 0.4% as a group. The Nasdaq Biotechnology index was dropping more than 0.9%.

Among health care stocks moving on news:

(+) BridgeBio Pharma (BBIO) climbed more than 8% after the specialty drugmaker Monday said its PellePharm subsidiary has completed enrollment for phase III testing of its Patidegib 2% topical gel in patients with Gorlin Syndrome and high-frequency basal cell carcinoma, the most common form of skin cancer. The study will evaluate the safety and efficacy of Patidegib applied twice daily to the face over 12 months compared with vehicle gel.

In other sector news:

(+) Kodiak Sciences (KOD) earlier Monday rose 146.5% to a record high of $72.97 a share after it sold a capped 4.5% royalty right from future global sales of its KSI-301 drug candidate for the treatment of retinal vascular diseases for $225 million to Baker Bros Advisors. The hedge fund also can buy up to 25% of the company's stock if Kodiak completes a public offering before June 30.

(+) Brainsway (BWAY) shares jumped 17% after the medical device-maker announced "final positive results" from a randomized trial of its H4 Deep transcranial magnetic stimulation system to help adults who with a chronic addiction to smoking quit. It now plans to soon meet with the US Food and Drug Administration to discuss a regulatory submission and the potential clearance pathway for the system.

(+) Phathom Pharmaceuticals (PHAT) rose 1.5% after Monday saying former Celgene (CELG) executive Terrie Curran is its new CEO, succeeding Phathom founding chief executive David Socks, who is moving to the chief financial officer post. The company also said it has started a phase III trial of its vonoprazan product candidate for the treatment of heartburn and to heal erosive esophagitis.

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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