Sector Update: Health Care Stocks Largely Sit Out Tuesday Market Gains

Tuesday, November 24, 2020 4:02 PM | MT Newswires

Health care stocks held on for narrow gains this afternoon, with the NYSE Health Care Index rising 0.3% while the SPDR Health Care Select Sector ETF also was up 0.3%.

The Nasdaq Biotechnology index, however, was dropping 0.7% on Tuesday.

In company news, PolyPid (PYPD) climbed over 15% after its D-Plex100 product candidate received breakthrough therapy designation from the US Food and Drug Administration for the prevention of surgical site infections in patients following elective colorectal surgery. The agency previously granted two fast track designations for D-Plex100 for the prevention of post-abdominal surgery incisional infections and for the prevention of sternal wound infections following cardiac surgery.

Tilray (TLRY) said it was exchanging a combined $197.2 million of its 5.00% convertible senior notes due 2023 for 17.3 million common shares, representing a 42% discount to the notes face value based on Monday's closing price. After the exchange transactions, Tilray has around $277.9 million of the notes still outstanding. Shares were up 17%.

Medtronic (MDT) rose 1.3% after the medical device conglomerate reported non-GAAP net income of $1.02 per share for its fiscal Q2 ended Oct. 30, down from $1.31 per share during the year-ago period but still exceeding the Capital IQ consensus expecting an $0.80 per share adjusted profit. Revenue fell 0.8% year-over-year to $7.65 billion but also topped the $7.10 billion Street view.

Advaxis (ADXS) Tuesday tumbled over 32% to a new record low after the biotechnology company priced an $8 million public offering of 26.7 million common shares at 30 cents apiece, or 23.1% under Monday's closing price. Investors also received warrants to buy up to 13.3 million additional shares, exercisable at 35 cents.

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