Top Healthcare Stocks
JNJ +0.43%
PFE +0.30%
ABT +1.01%
MRK +0.41%
AMGN -0.90%
Healthcare stocks were posting narrow gains today with the NYSE Healthcare Sector Index adding about 0.3% and shares of healthcare companies in the S&P 500 rising about 0.1% as a group.
In company news, Shares of Smith and Nephew ( SNN ) and Medtronic ( MDT ) both fell Thursday after a Wells Fargo analyst today threw cold water on market speculation the medical device companies are considering a possible merger.
In a new research note, Wells Fargo analyst Larry Biegelsen wrote MDT is unlikely to enter a new market unless it believes it can become a top player in that field, explaining SNN's hip and knee business is not large enough to make MDT a market leader. Biegelsen also said MDT does not appear eager to pursue a deal in order to take advantage of reduced corporate taxes in the UK compared to the United States.
SNN shares were off nearly 6% at $91.55 each, giving back about half of its 12% gain over the three previous sessions this week. MDT also was down, slipping about 1.7% at $62.13 a share in recent trade.
In other sector news,
(+) HALO, FDA removes clinical hold on patient enrollment and dosing in a Phase II study of its PEGPH20 drug candidate in patients with pancreatic cancer, allowing the trial to resume under a revised protocol.
(-) NVAX, Discloses plans for a $100 mln underwritten offering of its common stock. The company also intends to issue options to underwriters to buy up to 15 mln additional shares to cover possible overallotments.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
