Sector Update: Health Care Carried Higher by Surging Biotechs

Last Updated: Wednesday, November 30, 2022 4:20 PM | MT Newswires

Health care stocks were putting up strong gains this Wednesday afternoon, with the NYSE Health Care Index advancing 1.9% and the SPDR Health Care Select Sector ETF (XLV) gaining 2.4%.

The iShares Biotechnology ETF (IBB) also was climbing 3.2%.

In company news, Aeglea BioTherapeutics (AGLE) shed 66% after saying Jeffrey Goldberg, the former chief executive at privately held Immunitas Therapeutics, Tuesday joined the company as its new CEO, succeeding Aeglea general counsel Jim Kastenmayer, who has been its interim CEO. The company also said it will not release clinical data from phase 1/2 testing of its pegtarviliase drug candidate before the end of the year, citing the leadership change this week.

Horizon Therapeutics (HZNP) raced over 27% higher after the Irish biotechnology company overnight said it was "engaged in highly preliminary discussions" with several potential buyers, including French drugmaker Sanofi (SNY), and US-based giants Amgen (AMGN) and Johnson & Johnson's (JNJ) Janssen unit. Horizon said the suitors have until the close of business on Jan. 10 to make an offer or withdraw from the process.

Acer Therapeutics (ACER) added 9.4% after the drug maker said CEO Chris Schelling and board chairman Steve Aselage plan to buy 1.2 million of its shares for $1.5 million. Net proceeds will be used for working capital and general corporate purposes.

Charles River Laboratories International (CRL) slid 4.6% after saying it expects supplies of non-human primates used in medical research will be limited for some time after federal prosecutors in Florida charged a supplier and two government officials from Cambodia earlier this month for illegally importing the animals into the US. While Charles River has done no business with the defendants, Cambodia has long been its primary source for chimpanzees, monkeys and other primates and the company said in a regulatory filing Wednesday that it was exploring alternative sources to mitigate the anticipated shortfall.

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