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Health Care Sector Update for 06/02/2020: AMRH,ADAP,MRNA

Health care stocks were higher in recent trade, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF also was up 0.3%.

The Nasdaq Biotechnology index also was slipping 0.2% this afternoon.

In company news, Ameri Holdings (AMRH) rallied Tuesday, climbing over 158% in recent trading, after saying prospective merger partner Jay Pharma received primary approval to begin phase I/II testing of its cannabidiol formulation at an Israeli hospital as a potential treatment for a rare and aggressive form of brain cancer. The upcoming trial in patients with glioblastoma multiforme tumors still requires final approval from the Israel Ministry of Health, expected later this summer, the companies said.

Adaptimmune Therapeutics (ADAP) also rose nearly 2% after the biopharmaceuticals company overnight priced an upsized $225.5 million public offering of 20.5 million American depositary shares at $11 apiece, or about 5.5% under Monday’s closing price of $11.64 a share. The company and underwriters added 8 million shares to the stock sale shortly before pricing the deal.

Moderna (MRNA) sank almost 5% after Dr Anthony Fauci of the National Institute of Allergy and Infectious Diseases told STAT News he didn’t like how the company released early data from phase I testing of a potential COVID-19 vaccine. “I didn’t like that,” Fauci said, explaining he would have preferred the company had waited until it had complete data from the early-stage study.

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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