Sector Update: Health Care Stocks Moderate Slightly in Afternoon Trading

Last Updated: Thursday, October 14, 2021 3:42 PM | MT Newswires

Health care stocks were ending higher this afternoon, with the NYSE Health Care Index rising 1.3% while the SPDR Health Care Select Sector ETF (XLV) also was up 1.4%.

The Nasdaq Biotechnology index was climbing 1.3% in recent trading.

In company news, Lucid Diagnostics (LUCD) tumbled over 15% after the cancer diagnostics company Thursday priced its $70 million initial public offering of 5 million common shares at $14 apiece, the bottom of its expected $14 to $16 price range. The stock opened almost 9% lower this morning at $12.75 a share and dropped 26% to a first-day low of $10.36 within the first hour of trading.

Grove (GRVI) rallied Thursday, rising almost 39% in recent trading after the cannabis and wellness company announced the launch of its Upexi division, which will focus on acquiring and scaling promising e-commerce businesses operating on (AMZN). Grove also plans to join the Amazon aggregation market, presenting itself as a suitor to which "prospective business owners may sell."

UnitedHealth Group (UNH) rose 4.2% after reporting Q3 net income and revenue topping Wall Street estimates and also raised its FY21 earnings outlook. Excluding one-time items, the health care benefits company earned $4.52 per share, up from $3.51 per share during the same quarter as total revenue grew 11.1% year-over-year to $72.34 billion. Analysts, on average, had been expecting $4.42 per share and $71.24 billion, respectively.

NeoGenomics (NEO) climbed 3.7% after a Raymond James upgrade Thursday of the cancer diagnostics company to outperform from market perform previously. It also set a $53 price target for NeoGenomics shares.

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