ROIV - Novavax Vir among healthcare gainers Pfizer posts best rally in a decade
The healthcare stocks in the S&P 500 with a ~2.5% gain outperformed all other sectors in the broader index thanks mainly to M&A prospects. Healthcare technology, along with names battling the resurgence of COVID-19, led the gainers while the overall index fell ~1.9%. Among stocks with more than $2B market capitalization and 100K average daily volume over the past week, Arena Pharmaceuticals (NASDAQ:ARNA) dominated with a ~83.8% rise after Pfizer (NYSE:PFE) agreed to acquire it in a ~$6.7B deal with 100% premium for the biotech. Cerner (NASDAQ:CERN) also joined the M&A-driven rally to gain ~20.7% over the week amid reports of a potential ~$30B bid from Oracle (NYSE:ORCL) for the electronic-medical-records company. Vaccine developer, Novavax (NASDAQ:NVAX) jumped ~30.5% as investors welcomed the WHO clearance for the company’s COVID-19 shot. Further gains for the Maryland-based biotech are likely when an expert panel of the European regulators is set to review the marketing authorization for the vaccine next week. Biohaven Pharmaceutical (NYSE:BHVN)
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Novavax, Vir among healthcare gainers, Pfizer posts best rally in a decade