Sector Update: Biotech Stocks Lifting Health Care Sector to Big Advance

Friday, September 25, 2020 4:12 PM | MT Newswires

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 1.6% while the SPDR Health Care Select Sector ETF was up 1.5%.

The Nasdaq Biotechnology index also was posting a 2.2% gain.

In company news, Galapagos (GLPG) was hanging on to a 5% gain late Friday after the European Commission approved an application by the drugmaker and Gildead Sciences (GILD) to sell their Jyseleca rheumatoid arthritis medication for adults who have failed to respond adequately to one or more anti-rheumatic drugs. Gilead shares were fractionally higher in late trade.

TherapeuticsMD (TXMD) climbed 8% after the women's health products company Friday said it expects at least $15.1 million in revenue during its current Q3 ending Sept. 30, improving on $10.7 million in Q2 sales. The company also said prescription tracking databases may not be accurately reflecting demand for its Annovera birth-control ring, explaining it has been experiencing an increase in orders.

Novavax (NVAX) rose over 11% after saying it started phase III testing of NVX-CoV2373 vaccine candidate for COVID-19 in the UK in partnership with the UK government's Vaccines Taskforce. Novavax shares also were supported by Endo International (ENDP) saying it has begun work on NVX-CoV2373 at its production facility in Rochester, Mich., under a new fill-finish manufacturing contract between the companies. Endo International was 7.8% higher this afternoon.

Altimmune (ALT) climbed almost 8% after a new regulatory filing showed the DE Shaw hedge fund owns a 5% stake in the biotechnology company with nearly 1.7 million shares.

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