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Health Care Sector Update for 07/24/2020: JNJ,ABUS,LMAT,MGEN,MRNA

Health care stocks were mostly lower late Friday, with the NYSE Health Care Index declining about 1.0% while the SPDR Health Care Select Sector ETF was down 1.4%.

The Nasdaq Biotechnology index also was off 2.4% this afternoon.

In company news, Johnson & Johnson (JNJ) fell 1.2% on Friday and the health care conglomerate saying a European advisory panel is recommending regulators expand the indication for its Prezista HIV-1 drug treatment to also include children 12 years old or older and weighing at least 40 kilograms. Prezista currently is only approved for adult patients with human immunodeficiency virus infections.

Arbutus Biopharma (ABUS) was 16% lower in recent trade, reversing a 45.5% early advance after the US Patent and Trademark Office late Thursday rejected a bid by Moderna (MRNA) to revoke a vaccine technology patent held by Arbutus that uses lipid nanoparticles to encourage the body to produce therapeutic proteins. Moderna shares slipped nearly 3% on Friday.

To the upside, LeMaitre Vascular (LMAT) was almost 11% higher after the medical device company said it earned $0.17 per share during the three months ended June 30, down from $0.23 per share during the same quarter last year but easily topping the Capital IQ consensus for $0.01. Revenue fell 16% year-over-year to $24.9 million, also surpassing the $17.1 million analyst mean.

Miragen Therapeutics (MGEN) climbed more than 14% after the US Food & Drug Administration designated the company’s cobomarsen product candidate as an orphan drug to treat T-cell lymphoma, a rare type of cancer in white blood cells.

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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