Sector Update: Afternoon Recovery for Health Care Stocks

Tuesday, September 29, 2020 3:58 PM | MT Newswires

Health care stocks were mixed in late Tuesday trading, with the NYSE Health Care Index rising about 0.1%, overcoming a mid-day decline, while the SPDR Health Care Select Sector ETF was less than 0.1% lower.

The Nasdaq Biotechnology index was 0.1% higher this afternoon.

In company news, Axsome Therapeutics (AXSM) declined 5.4% after the specialty drugmaker Tuesday said it secured a $225 million term loan from Hercules Capital (HTGC) and will use the proceeds to support the upcoming commercial launches of its AXS-05 prospective treatment for major depressive disorder and its AXS-07 drug candidate for migraines. Axsome can initially draw down $60 million from the 9.15% credit facility maturing in 2025 at closing and can borrow another $115 million after regulatory approvals for AXS-05 and AXS-07.

Myovant Sciences (MYOV) plunged over 25% after saying its Relugolix drug candidate failed to demonstrate statistical superiority for a secondary endpoint of castration resistance-free survival compared with a previously approved drug treatment for metastatic prostate cancer, with relugolix producing a 74% survival rate during phase III testing versus 75% survival in men treated with leuprolide acetate.

Aptorum Group (APM) was rolling to huge gains on Tuesday, at one point racing almost 1070% higher, after announcing an exclusive licensing deal with Accelerate Technology in Singapore to co-develop rapid pathogen identification and diagnostics tools. The company also said its new Aptorum Innovation subsidiary expects to open several liquid biopsy labs over the next two years to detect infectious disease once the new technology is validated.

Artelo Biosciences (ARTL) was ahead 13% after saying the UK HealthCare Ethics Committee has cleared the company to carry out phase I/II testing of its ART27.13 synthetic cannabinoid to treat cancer-related anorexia and weight loss. The upcoming trial expects to enroll up to 49 cancer patients and determine the most effective and safe dose of ART27.13.

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