Sector Update: Health Care Stocks Finishing Wednesday Trade Near Intra-Day Highs

Last Updated: Wednesday, September 28, 2022 4:03 PM | MT Newswires

Health care stocks continued their rally this afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF (XLV) both rising 2.4%.

The Nasdaq Biotechnology index also was surging 4.4%.

In company news, PepGen (PEPG) shares more than doubled in value on Wednesday, at one point climbing nearly 150% to an intra-day high of $12.84, after the company said its PGN-EDO51 drug candidate to treat Duchenne muscular dystrophy met its primary endpoint during phase 1 testing. The company expects to begin phase 2 testing in the first half of 2023.

Biogen (BIIB) surged 40% after saying the lecanemab drug candidate it developed with Japanese biopharmaceuticals company Eisai to treat Alzheimer's disease met its primary endpoint during phase 3 testing. Lecanemab also met all key secondary endpoints of the late-stage study.

Nano-X Imaging (NNOX) added over 21% after the medical device company said it filed a premarket notification for its Nanox.ARC digital x-ray system with US regulators.

To the downside, Mind Medicine (MNMD) was sinking 47%, earlier dropping over 53% to its lowest share price since February 2020, after the brain health company priced a $30 million underwritten public offering of nearly 7.1 million common shares at $4.25 apiece, or 30.6% under Tuesday's closing price. Investors also received an equal number of five-year warrants exercisable at $4.25 per share.

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