Sector Update: Health Care Stocks Floundering Late in Wednesday Trading

Last Updated: Wednesday, January 19, 2022 3:52 PM | MT Newswires

Health care stocks were little changed late in Wednesday trading, with the NYSE Health Care Index rising 0.1%, while the Health Care Select Sector SPDR ETF (XLV) was slipping 0.1%.

The Nasdaq Biotechnology index also was falling 0.7%, giving back a midday advance.

In company news, Vivos Therapeutics (VVOS) was 44% higher after reporting an 18-fold surge in the number of its home sleep apnea tests sold through dentists trained by the medical technology company. Vivos also saw "significant increases" across several other key metrics for its sleep tests, including the number of dentists administering the tests as well as the average number of tests each practitioner administers.

Zogenix (ZGNX) also rallied Wednesday, at one point climbing 70% to its best share price since June 2020, after agreeing to a $1.9 billion buyout offer from Belgian drugmaker UCB, which will pay $26 in cash for each Zogenix share representing a 66% premium over the prior close. The deal also includes an additional contingent value right payment of $2 per share tied to the potential European Union approval of Zogenix's Fintepla anti-seizure medication as an orphan drug to treat Lennox-Gastaut syndrome before the end of 2023.

Tandem Diabetes Care (TNDM) gained 7.6% after Wells Fargo Wednesday upgraded the insulin pump provider's stock to overweight from equalweight with a $160 share price target.

Exscientia (EXAI) rose 5.3% after Wednesday saying Charlotte Deane, a professor of structural bioinformatics and the head of protein informatics at the University of Oxford, joined the UK-based pharmaceutical company as chief scientist of biologics and will focus on using artificial intelligence, machine learning, and protein structures for drug discovery.

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