Sector Update: Afternoon Slide Leaving Health Care Stocks Little Changed Near Close

Wednesday, September 16, 2020 3:51 PM | MT Newswires

Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index Wednesday still rising 0.5% while the SPDR Health Care Select Sector ETF was sinking 0.3%, reversing an earlier rise.

The Nasdaq Biotechnology index also was falling 0.2%.

In company news, Aveo Oncology (AVEO) increased 7.5% after Wednesday saying its tivozanib drug candidate showed better results than Bayer's Nexavar in the third and fourth lines of kidney cancer based on final overall survival rates during phase III testing. Data also suggested a favorable safety and efficacy profile relative against Nexavar, the company said in the European Urology Publication.

Arrowhead Pharma (ARWR) rose over 43% after it said its ARO-AAT drug candidate showed clear evidence of meaningful pharmacodynamic effect during phase II testing in patients with a rare genetic liver disease associated with alpha-1 antitrypsin deficiency. Based on the positive interim results, the company said it is now exploring ways to accelerate the clinical and regulatory process.

Myomo (MYO) was 31% higher after the Centers for Medicare & Medicaid Services authorized use of its MyoPro-powered orthosis device and included the wearable robotics product in the Medicare Supplier Directory, allowing the company to bill Medicare directly when it is prescribed by doctors in 39 states and the District of Columbia.

Eastman Kodak (KODK) climbed over more than 35% after a special committee determined the company did not violate any laws in connection with a planned $765 million loan from the US government to manufacture drug ingredients, concluding the July 28 disclosure of the loan was "inadvertent" and "unintentional." The US Securities and Exchange Commission has been investigating the timing of options grants given to CEO Jim Continenza and other executives shortly before the loan was announced.

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