Sector Update: Health Care Stocks Catching Up With Broader Market Gains

Last Updated: Monday, October 3, 2022 4:00 PM | MT Newswires

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index up 2.3% and the SPDR Health Care Select Sector ETF (XLV) rising 2%.

The Nasdaq Biotechnology index also was climbing 1.4% in late trade.

In company news, Clene (CLNN) tumbled almost 28% after Monday saying its CNM-Au8 lead drug candidate failed to meet its primary endpoint of slowing the rate of neurodegenerative decline in patients with amyotrophic lateral sclerosis. Secondary endpoints of the phase 3 trial also were not met, the company said.

LogicBio Therapeutics (LOGC) streaked almost 640% higher after the genetic medicines company agreed to $68.2 million buyout offer from AstraZeneca's (AZN) Alexion rare disease unit, which is launching a tender offer of $2.07 for each LogicBio share, or 660% over Friday's closing price.

Myovant Sciences (MYOV) climbed 36%, easing slightly from a 39% advance to a 14-month high, after Sunday rejecting a preliminary, non-binding takeover offer from Japanese drug makers Sumitovant Biopharma and Sumitomo Pharma, saying the $22.75 per share cash bid for the 48% stake in Myovant that Sumitovant doesn't already own, representing a nearly 27% premium over its most recent closing price, "significantly undervalues" the company.

Eagle Pharmaceuticals (EGRX) was sinking 5.3%, giving back an early 2% gain that followed the US Food and Drug Administration designating its ENA-001 drug candidate as an orphan drug for the treatment of apnea of prematurity, which is a development disorder characterized extended pauses in breathing. The agency previously designated the respiratory stimulant for treating rare pediatric disorders.

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