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Health Care Sector Update for 06/04/2020: DMPI,KZR,ALDX,CHNG

Health care stocks still were falling in late Thursday trading, with the NYSE Health Care Index declining 1.1% while the SPDR Health Care Select Sector ETF was down 1.2%.

The Nasdaq Biotechnology index also was posting a 1.2% decline this afternoon.

In company news, DelMar Pharmaceuticals (DMPI) rose nearly 4% after saying its VAL-083 product candidate was selected as the next investigational therapy to be evaluated in an international study by the Global Coalition for Adaptive Research. The company is expecting to use the trial results as part of its new drug application with federal regulators for VAL-083.

Kezar Life Sciences (KZR) raced 70% higher after the small molecule therapeutics company late Wednesday said updated results from phase Ib testing of its KZR-616 drug candidate showed showed improvements across seven measures of disease activity in patients with systemic lupus erythematosus. Two of two patients saw a more than 50% reduction in a biomarker of disease severity, it said, adding positive safety and tolerability profiles also were observed with increased dosing.

Aldeyra Therapeutics (ALDX) was hanging on to a more than 1% gain after saying the US Food and Drug Administration has agreed to the use of reactive aldehyde species as an objective sign to treat dry eye disease. The company said it will provide an update on its clinical development plans and the remaining new-drug application requirements for its reproxalap drug candidate following receipt of minutes from its meeting with the agency, expected in July.

Change Healthcare (CHNG) slid over 7% after the health care technology company projected non-GAAP Q1 net income in a range of $0.14 to $0.18 per share, trailing the Capital IQ consensus expecting a $0.32 per share adjusted profit for the three months ending June 30.

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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