Sector Update: Health Care Stocks Edging Lower This Afternoon

Last Updated: Tuesday, September 27, 2022 4:00 PM | MT Newswires

Health care stocks still were moderately lower this afternoon, with the NYSE Health Care Index sinking 0.2% and the SPDR Health Care Select Sector ETF (XLV) down 0.5%.

The Nasdaq Biotechnology index was climbing 1.0% shortly before Tuesday's closing bell.

In company news, Kintara (KTRA) declined over 19% after the drug development company reported an FY22 net loss of $0.52 per share, improving on a $1.60 per share loss during the prior-year period, while the company recorded no revenue during either June quarter. Analyst estimates were not available.

Avidity Biosciences (RNA) slid more than 11% after saying the US Food and Drug Administration placed a partial clinical hold on new enrollment of patients in a phase 1/2 trial of its AOC-1001 drug candidate in adults with type 1 myotonic dystrophy after one of the study participants experienced an unspecified serious adverse event. The company was working closely with the agency to determine what caused the adverse response and hopes to resume new enrollments "as quickly as possible," it said.

To the upside, Equillium (EQ) added more than 24% after saying its itolizumab drug candidate showed a "clinically meaningful" response in highly proteinuric subjects during phase 1b testing, with 83% of the patients with lupus nephritis treated with the monoclonal antibody achieving either a complete or partial clinical response and 67% of the patients demonstrating an 80% or more reduction in their urine protein/creatinine ratios compared with baseline levels.

9 Meters Biopharma (NMTR) climbed almost 4.4% after overnight saying it expects to finalize late-stage testing protocols for its vurolenatide drug candidate before the end of the year following positive final results for the injectable glucagon-like-peptide-1 during phase 2 testing in patients with short bowel syndrome. Patients treated with vurolenatide showed a 30% reduction in total stool output over six weeks compared with a 32% increase in patients in the placebo arm of the mid-stage trial.

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