Sector Update: Biotech Stocks Continue to Weigh on Health Care Sector

Friday, July 31, 2020 3:57 PM | MT Newswires

Health care stocks fell on Friday, with the NYSE Health Care Index dropping 1.4% while the SPDR Health Care Select Sector ETF also was down 1.1%.

The Nasdaq Biotechnology index was sinking 2.2% in late trade.

In company news, Apellis Pharmaceuticals (APLS) slid 7% after the specialty drugmaker Friday reported a Q2 net loss of $1.57 per share, expanding on its $1.12 per share loss during the same quarter last year and missing the Capital IQ consensus expecting a $1.34 per share loss. The company had no revenue during the three months ended June 30, as expected.

Gilead Sciences (GILD) fell about 4% after the drugmaker reported non-GAAP Q2 net income of $1.11 per share on $5.14 billion in revenue, trailing the Capital IQ consensus expecting a $1.45 per share adjusted profit on $5.3 billion in revenue. Gilead shares also were pressured by reports an international panel of experts told the British Medical Journal the company's remdesivir prospective anti-viral drug needs more testing to determine its efficacy treating COVID-19.

Among gainers, electroCore (ECOR) raced over 42% higher after the Us Food and Drug Administration granted an emergency use authorization for the company's gammaCore Sapphire CV vagus nerve stimulation therapy in COVID-19 patients with asthma-related dyspnea and reduced airflow. Initial distribution to hospitals and patients at home had been expected to begin Friday.

Tiziana Life Sciences (TLSA) was 40% higher this afternoon, easing from a 146% gain earlier Friday after the biotechnology company said it has filed a patent application for a nasal formulation of its Foralumab monoclonal antibody. The move follows phase I testing showing Foralumab had positive immunomodulatory effects in patients with COVID-19 by modulating the body's immune system to suppress the cytokine storm often associated with COVID-19.

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