Health Care Sector Update for 08/30/2017: MZOR, MDT, OPNT, OTIC

Top Health Care Stocks

JNJ -0.39%

PFE -0.22%

ABT 0.00%

MRK +0.02%

AMGN +1.52%

Health care stocks remain mixed this afternoon, with the NYSE Health Care Index trading little changed in recent trade while shares of health care companies in the S&P 500 were up almost 0.7% as a group.

In company news, Mazor Robotics Ltd ( MZOR ) jumped out to a new record high on Wednesday of $47.28 per American depository share after the Israeli medical device manufacturer said Medtronic ( MDT ) will invest another $40 million into Mazor as the companies’ strategic partnership steps into a new phase ahead of schedule.

Mazor and Medtronic recently revised some of the terms of their May 2016 agreement to account for Mazor’s reaching several sales and marketing milestones for the Mazor X system earlier than expected, triggering the third investment tranch by Medtronic, which now assumes responsibility for exclusive worldwide distribution of the robotic surgery platform for spinal procedures.

Mazor said it expects to use proceeds from the latest Medtronic investment to strengthen its balance sheet and to support additional innovations for the spinal repair market.

In other sector news,

(+) OPNT, (+14.2%) Postpones Thursday’s scheduled annual shareholders meeting until Sept. 8 at 11:00 a.m. in order to give the company more time to enlist shareholder support for certain proposal to be considered at the yearly meeting.

(-) OTIC, (-82.2%) Falls to a record low after suspending all development activities for its Otividex drug candidate in patients with Meniere’s disease after failing to meet its primary and key secondary endpoints during phase 3 testing.

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