Sector Update: Health Care Stocks Largely Struggle Wednesday

Wednesday, November 25, 2020 3:57 PM | MT Newswires

Health care stocks continued to drift lower this afternoon, with the NYSE Health Care Index dropping 0.4% while the SPDR Health Care Select Sector ETF also was down 0.5%.

The Nasdaq Biotechnology index, however, was climbing 0.5% just ahead of Wednesday's closing bell.

In company news, AnPac Bio-Medical Science (ANPC) still was 114% higher in late trade, easing from an earlier 142% gain after saying it expects FY20 revenue will likely double over prior-year levels, projecting between $3 million to $3.3 million in sales for its cancer early detection kits during the 12 months ending Dec. 31. The two analysts polled by Capital IQ, on average, are expecting AnPac to generate $1.99 million in revenue this year.

Co-Diagnostics (CODX) rose nearly 16% after Wednesday saying regulators in India have cleared the company's CoSara Diagnostics joint venture with privately held Asense to begin manufacturing and selling their Saragene test for the virus causing COVID-19. The test kit targets two gene markers for the SARS-CoV-2 genome to identify the presence of virus, meeting WHO recommendations for a multi-target coronavirus diagnostic.

Moderna (MRNA) climbed almost 11% after earlier Wednesday saying the European Commission approved a deal providing the bloc with access to 80 million doses of the company's mRNA-1273 vaccine candidate for COVID-19. The European Commission also has the option to double the size of its purchase to 160 million doses, with delivery expected following "a brief review period" by EU member countries.

Hepion Pharmaceuticals (HEPA) slid 27% after the drugmaker priced a $30 million public offering of 20 million common shares at $1.50 apiece, or 31.2% under Tuesday's closing price. Net proceeds will be used for ongoing research and development as well as for working capital and other general corporate purposes.

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