Sector Update: Health Care Stocks Fall Thursday but Mostly Resist Steep Slide

Thursday, February 25, 2021 3:37 PM | MT Newswires

Health care stocks declined moderately compared with most industry sectors this afternoon, with the NYSE Health Care Index slipping 0.8% while the SPDR Health Care Select Sector ETF also was down 1.2%.

The Nasdaq Biotechnology index was declining 2.4%.

In company news, Moderna (MRNA) was 2% higher late in Thursday trading after earlier reporting a smaller-than-expected Q4 net loss and a huge increase in revenue from year-ago levels also topping analyst estimates. Net loss for the three months ended Dec. 31 widened to $0.69 per share from $0.37 per share during the prior-year quarter while revenue for the drugmaker soared to $570.7 million from just $14.1 million during the final three months of 2019. Analysts, on average, were expecting a $0.41 per share net loss on $279.4 million in revenue.

Pandion Therapeutics (PAND) raced 137% higher on Thursday to a record high of $60.71 a share after agreeing to a $1.85 billion buyout offer from drug giant Merck (MRK), which will pay $60 in cash for each of the biotechnology company's shares. Merck shares were fractionally lower.

On the losing side, Agios Pharmaceuticals (AGIO) was slipping 4.5%, giving back its 2.5% morning gain that followed the drugmaker reporting a 24% increase in revenue during its Q4 ended Dec. 31 to $44 million and beating the Capital IQ consensus expecting $39.9 million in Q4 revenue for the oncology drugmaker.

Global Blood Therapeutics (GBT) fell over 10% after the biopharmaceutical company narrowed its GAAP Q4 net loss to $1.00 per share compared with its $1.59 per share net loss during the final three months of 2019 but still missed the Capital IQ consensus expecting a $0.96 per share net loss.

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