Sector Update: Health Care Stocks Manage Narrow Rise as Biotechs Flatten

Last Updated: Tuesday, June 22, 2021 3:59 PM | MT Newswires

Health care stocks were edging higher 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 was posting a 0.1% advance, reversing a midday dip.

In company news, vTv Therapeutics (VTVT) was 6.6% higher, easing from a nearly 20% gain earlier Tuesday that followed it announcing a licensing agreement giving Cantex Pharmaceuticals global commercialization rights for vTv's Azeliragon oncology drug candidate. The companies said downstream profits will be allocated through a tiered formula but they declined to offer specific financial details.

3D Systems (DDD) rose almost 28% after disclosing plans to co-develop a 3-D bioprinted regenerative soft tissue matrix with CollPlant (CLGN) for use in breast reconstruction procedures in combination with an implant. CollPlant shares were nearly 11% higher this afternoon.

To the downside, Corcept Therapeutics (CORT) dropped 4.5% after preliminary data from a phase III study of its relacorilant drug candidate combined with Bristol Myers Squibb's (BMY) nab-paclitaxel chemotherapy found only two patients with metastatic pancreatic cancer exhibited tumor shrinkage although another 15 patients in the trial saw their disease stabilize for at least 12 weeks.

Intec Pharma (NTEC) fell 6.8% after shareholders of the Israeli drug-delivery technology company voted to approve its proposed merger with Decoy Biosystems, with the all-stock transaction giving investors in the privately held immuno-oncology firm a 75% stake in the combined companies.

Share this article:

Related Companies

You May Also Like