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Healthcare Stocks That Hit New Highs (MTEM, AMGN, AMED...)

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The following are some of the healthcare stocks that hit a new high on Friday, November 22, 2019.

1. Molecular Templates, Inc. (MTEM) recorded a new high of $10.65 in intraday trading on Friday, before closing at $9.83. The stock is up nearly 150% year-to-date.

Molecular Templates is a clinical-stage biopharmaceutical company.

Last week, the company announced its public offering of 6 million shares of common stock at $8.00 per share and 250 Series A convertible preferred shares at $8,000 per share. Gross proceeds, after deducting the charges are, expected to be $50 million, which the company intends to fund its ongoing clinical studies.

On November 18, 2019, Molecular Templates reported its collaboration with Vertex Pharma (VRTX) to conduct research activities using MTEM's proprietary engineered toxin bodies (ETBs). As per the agreement, Vertex will pay $38 million to Molecular Templates upfront, and an equity investment in MTEM. Molecular Templates is eligible for up to $522 million in milestone payments and tiered royalty payments on future sales.

Molecular Templates' lead drug candidate MT-3724 for the treatment of Diffuse Large B-cell Lymphoma (DLBCL) showed promising activity in heavily pretreated patients in a phase I/Ib monotherapy study.

A phase II monotherapy study of MT-3724 in relapsed/refractory DLBCL is underway. Update on this study is expected in 4Q19.

Two-Phase II studies of MT-3724; one in combination chemotherapy (gemcitabine and oxaliplatin) and the other in combination with Revlimid, to treat DLBCL is also underway. The company expects to report an update on both MT-3724 combination studies in 4Q19.

The company had Cash and cash equivalents of $15.27 million as of September 30, 2019.

2. Amgen Inc. (AMGN) hit a new high of $230.87 in intraday trading on Friday, before closing at $230.74. The stock has gained nearly 20% year-to-date.

On November 21, 2019, Amgen raised its full-year outlook, followed by the completion of its acquisition of Celgene's Otezla (apremilast).

For 2019, the Company now expects revenue in the range of $23.1 billion to $23.3 billion compared to its prior guidance range of $22.8 billion to $23.0 billion.

Adjusted EPS outlook for the year is now pegged at $14.50 to $14.70, up from the previous outlook of $14.20 to $14.45. Analysts expect earnings of $14.49 per share on revenue of $23.07 billion for the full-year.

3. Amedisys, Inc. (AMED) jumped to a new high of $159.72 in intraday trading on Friday, before closing at $158.72. The stock is up nearly 40% year-to-date.

Amedisys is a healthcare services company operating through three segments including Home Health, Hospice, and Personal Care.

The company reported its third-quarter results on October 29, 2019.

Net income in the third quarter was $34.1 million or $1.03 per share compared to $31.4 million or $0.96 per share in the same quarter a year ago. Adjusted net income for the quarter rose to $37.9 million or $1.15 per share from $30.9 million or $0.95 per share in the year-earlier quarter. Analysts expected the company to report earnings of $0.89 per share. Net revenue increased to $494.6 million from $417.3 million in the third quarter of last year.

Looking forward to full year, the company expects to report net income in the range of $4.32 to $4.39 per share. Revenue for the full-year is expected to be in the range of $1.94 billion to $1.98 billion. Analysts expect the company to report earnings of $4.36 on revenues of $1.97 billion for the full-year.

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