Sector Update: Health Care Stocks Edging Lower in Late Trade

Friday, February 26, 2021 3:59 PM | MT Newswires

Health care stocks were narrowly lower, with the NYSE Health Care Index falling 0.3% while the SPDR Health Care Select Sector ETF also was down 0.3%.

The Nasdaq Biotechnology index, however, was climbing 0.2%.

In company news, Tricida (TCDA) plunged almost 31% after the US Food and Drug Administration rejected the company's appeal of the agency last year turning down the new drug application for its veverimer drug candidate to treat metabolic acidosis in patients with chronic kidney disease. Among the issues cited by the FDA was a disproportionate reliance on patients enrolled at a single trial site and the comparability of US patients to trial participants from other regions.

Grifols (GRFS) slid nearly 1% after the Spanish plasma-based medicines company earlier Friday reported FY20 net income of EUR0.90 per share, down from EUR0.91 per share during the prior-year period and missing the Capital IQ consensus expecting EUR0.99 per share. Revenue grew 4.7% over FY19 levels to EUR5.34 million, also trailing the EUR5.39 analyst mean.

Medifast (MED) declined 2% after the weight-loss products company reported a 55.3% year-over-year increase in revenue to $264.9 million, topping the $247.6 million analyst mean. Net income rose to $2.36 per share from $1.66 per share during the year-ago quarter, lagging the Capital IQ consensus by $0.01 per share.

To the upside, Select Medical Holdings (SEM) rose almost 22% to a record high of $32.50 a share after the recovery and rehabilitation hospitals chain late Thursday reported better-than-expected Q4 earnings and revenue and also projected FY21 results also topping Wall Street forecasts. Excluding one-time items, Select Medical earned $0.57 per share on $1.46 billion during the three months ended Dec. 31 compared with the Capital IQ consensus expecting a $0.31 per share adjusted profit on $1.41 billion in Q4 revenue.

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