Health Care Sector Update for 01/03/2020: EYEG,CEMI,BNTX,NOVN

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Top Health Care Stocks

JNJ -0.86%

PFE -0.14%

ABT -0.92%

MRK -0.20%

AMGN -0.65%

Health care stocks lost ground Friday but outperformed most other sectors. At last look, the NYSE Health Care Index was dropping almost 0.7% on Friday while the shares of health care companies in the S&P 500 also were down over 0.8% as a group. The Nasdaq Biotechnology index was falling nearly 1.3%.

Among health care stocks moving on news:

(+) Eyegate Pharmaceuticals ( EYEG ) was more than 1% lower on Friday, paring most of a 6% decline earlier in the session that followed the specialty drugmaker announcing a $5 million direct offering of 500,000 common shares priced at the market at $10 each. Net proceeds will be used to support Eyegate operations, including clinical studies along with working capital and other general corporate purposes.

In other sector news:

(+) Chembio Diagnostics ( CEMI ) climbed 15% after saying it expects the US Food and Drug Administration to approve its 15-minute diagnostic test to detect type 1 and 2 HIV antibodies along with syphilis-causing bacteria "within two months." The DPP HIV-Syphilis system now under agency review also includes the DPP Micro Reader, the company said.

(+) BioNTech ( BNTX ) rose almost 2% after the German biopharmaceuticals company published data showing its second generation CLDN6-CAR-T therapy resulted in complete tumor regression of transplanted human tumors in mice within two weeks of starting treatment. CAR-T cell therapy uses a body's own immune system to fight cancer and has previously demonstrated significant clinical efficacy in blood cancers but not with solid tumors.

(-) Novan ( NOVN ) plunged as much as 79% on Friday after saying it plans to begin a new late-stage trial of its SB206 drug candidate in April after the prospective treatment for molluscum contagiosum skin infections produced inconclusive top-line results during a pair of ongoing phase III trials. The company also warned it will need "substantial" funding to keep business operations going.

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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This article appears in: Investing , US Markets
Referenced Symbols: EYEG , CEMI , BNTX , NOVN

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