Sector Update: Health Care Stocks Little Changed Late in Tuesday Trade

Last Updated: Tuesday, August 9, 2022 3:55 PM | MT Newswires

Health care stocks were little changed this afternoon, with the NYSE Health Care Index rising less than 0.1% while the SPDR Health Care Select Sector ETF (XLV) was falling 0.2%.

The Nasdaq Biotechnology index, however, was sinking 1.5%.

In company news, AdaptHealth (AHCO) fell over 15% after the medical products distributor reported Q2 net income of $0.09 per share, down from $0.12 per share during the same quarter in 2021 and trailing the Capital IQ consensus call for a $0.23 per share profit.

Novavax (NVAX) tumbled almost 30% after the vaccines company slashed its full-year revenue forecast, now expecting to generate between $2 billion to $2.3 billion this year compared with its prior guidance range of $4 billion to $5 billion and trailing the Capital IQ consensus looking for $4.31 billion. It also reported a wider Q2 net loss than analysts were expecting following a nearly 38% drop in revenue from year-ago levels.

BIMI International Medical (BIMI) turned 2.5% lower, giving back an early advance that followed a regulatory filing showing that board chairman Fnu Oudom now owns more than 44% of the Chinese medical device and pharmaceuticals distribution outstanding stock. Other BIMI shareholders last month signed off on a $5 million funding package between Oudom and the company allowing him to buy 12.5 million shares at $0.40 apiece.

To the upside, ShockWave Medical (SWAV) was nearly 17% higher, earlier rising 21% to touch a best-ever $267.30 a share, after the intravascular lithotripsy company blew past Wall Street expectations with its Q2 profit as revenue increased 116% over year-ago levels. It also raised its FY22 revenue forecast to a new range of $465 million to $475 million over its prior guidance expecting between $435 million to $455 million and also topping the $448.6 million analyst mean.

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