Sector Update: Health Care Stocks Finishing Moderately Higher

Last Updated: Wednesday, October 5, 2022 3:56 PM | MT Newswires

Health care stocks continued their recovery Wednesday afternoon, with the NYSE Health Care Index up 0.6% and the SPDR Health Care Select Sector ETF (XLV) rising 0.6%.

The Nasdaq Biotechnology index also was adding 0.4%, reversing a midday loss.

In company news, OncoSec Medical (ONCS) fell 3.1% after the immuno-oncology company late Tuesday said it would be eliminating 45% of its jobs as it concentrates resources on clinical development of its TAVO-EP metastatic melanoma drug. Initial data from phase 2 testing of the skin cancer medication is due out before the end of the year, OncoSec said.

Sotera Health (SHC) dropped nearly 12% after a Citigroup downgrade Wednesday of the sterilization and lab testing services company to neutral from buy.

TRxADE Health (MEDS) was about 2.6% lower in late trade after the drug dispensing equipment company late Tuesday priced an $1.8 million direct private placement of 1.5 million shares with an unnamed institutional investor at $1.15 apiece. It also issued five-year warrants to buy up to 2.7 million shares exercisable at $1.50 a share through a concurrent offering.

Iveric bio (ISEE) rose 6.6% after a new regulatory filing overnight showed Deerfield Management owns about 5.6% of the drugmaker.

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