Sector Update: Health Care Rise Moderately Compared with Broader Markets

Last Updated: Tuesday, October 4, 2022 3:57 PM | MT Newswires

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 2% and the SPDR Health Care Select Sector ETF (XLV) up 2.2%.

The Nasdaq Biotechnology index also was climbing 2.6%.

In company news, Rocket Pharmaceuticals (RCKT) rallied Tuesday, climbing nearly 12%, after overnight pricing a $100.3 million public offering of 6.8 million common shares at $14.75 per share, or 4.8% under its last closing price.

Immunovant (IMVT) gained almost 24% after the biopharmaceuticals company priced a $75 million public offering of 12.5 million shares at $6 apiece, with the deal attracting Logos Capital, Deep Track Capital and Frazier Life Sciences as investors.

GBS (GBS) sped nearly 33% higher after the biosensor diagnostics company Tuesday announced its purchase of privately held Intelligent Fingerprinting, which has developed a proprietary drug screening system that analyzes sweat from fingerprints to screen for drug use. Under terms of the deal, GBS has issued nearly 3 million shares as well as almost 2.4 million series C preferred shares convertible into three shares of GBS common stock.

KalVista Pharmaceuticals (KALV) was slumping over 59%, staying within close range of a new record low of $6.13 a share that followed the company terminating phase 2 testing of its KVD824 drug candidate after observing elevated liver enzyme levels in seven of the 33 patients participating in the trial of the prospective treatment for hereditary angioedema attacks.

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