Sector Update: Health Care Stocks Fall but Outperform Most Other Sectors

Last Updated: Tuesday, December 6, 2022 4:08 PM | MT Newswires

Health care stocks were ending moderately lower compared with most other industry sectors Tuesday afternoon, with the NYSE Health Care Index slipping 1.1% and the SPDR Health Care Select Sector ETF (XLV) down 0.9%.

The iShares Biotechnology ETF (IBB) also was sinking 1.9%.

In company news, OKYO Pharma (OKYO) fell over 10% after the ophthalmology company developing a new treatment for dry eye disease plans an offering of its American depositary shares. Each ADS will represent 65 of its ordinary shares.

Karuna Therapeutics (KRTX) dropped nearly 12% after announcing Steve Paul will step down as chair and CEO on Jan. 3 to become chief scientific officer at the biopharmaceuticals company and will be succeeded in the posts by Bill Meury and Christopher Coughlin, respectively.

Gossamer Bio (GOSS) sank nearly 77% to a record low of $2.15 a share even after saying its seralutinib drug candidate met its primary endpoint during a mid-stage trial in patients with pulmonary arterial hypertension.

AnPac Bio-Medical Science (ANPC) rose 3.3%, overcoming a small midday slide, after the biotech company late Monday plans a $5 million private placement of nearly 28.6 million class A shares at $0.175 each. Investors also will receive warrants to buy two more shares for each ordinary share they acquire through the upcoming stock sale.

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