Sector Update: Health Care Stocks Advancing Wednesday Afternoon

Last Updated: Wednesday, November 23, 2022 4:05 PM | MT Newswires

Health care stocks were moderately higher Wednesday afternoon, with the NYSE Health Care Index adding 0.6% and the SPDR Health Care Select Sector ETF (XLV) rising 0.3%.

The iShares Biotechnology ETF (IBB), however, was sinking 0.2%.

In company news, Streamline Health Solutions (STRM) gained 8.2% after saying an unnamed 630-bed academic medical center in California will be using the company's eValuator automated pre- and post-bill coding analytics technology to improve its revenue integrity and performance. Financial and other details of the new contract were not disclosed.

Xeris Biopharma Holdings (XERS) shares added 3.2% after announcing a new research collaboration and option agreement with Horizon Therapeutics (HZNP), which will use Xeris' XeriJect platform to develop an injection formulation of its teprotumumab medication to treat thyroid eye disease.

BioMarin Pharmaceutical (BMRN) stock rose 7.1% after Wednesday saying it "remains on track" for a scheduled pre-licensure inspection of its gene therapy manufacturing facility in Novato, California. It also said the US Food and Drug Administration no longer intends to hold an advisory committee meeting to discuss the company's biologics license application for Roctavian drug candidate to treat hemophilia A.

Johnson & Johnson (JNJ) shares ended up 0.1% after its Janssen Pharmaceutical Cos. subsidiary said its Spravato drug candidate showed superior efficacy in patients with major depressive disorder compared with currently available treatments during phase 3 testing.

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