Sector Update: Health Care Stocks on Downward Slide

Last Updated: Thursday, August 11, 2022 3:49 PM | MT Newswires

Health care stocks extended their afternoon declines, with the NYSE Health Care Index slipping 0.8% and the SPDR Health Care Select Sector ETF (XLV) down 0.7%.

The Nasdaq Biotechnology index was dropping 1.7%.

In company news, EQRx (EQRX) declined more than 21% after the immunotherapy company saw its Q2 net loss widen to $0.17 per share from an $0.11 per share loss during the same quarter last year although that still managed to beat the three-analyst mean looking for a $0.19 per share net loss during the three months ended June 30.

Cerevel Therapeutics Holdings (CERE) slid 14% after the biopharmaceuticals company overnight began a $250 million private placement of five-year convertible senior notes. Cerevel also started a concurrent $250 million public offering of its common stock, with net proceeds from both stock sales used to support the ongoing development of its emraclidine drug candidate and other prospective neuroscience medications.

To the upside, Ginkgo Bioworks (DNA) gained 8% and Synlogic (SYBX) added over 10% after the biotechnology companies announced their joint development of SYNB2081, a new drug candidate to treat gout. Ginkgo Bioworks shares also were getting a boost Thursday after the cell-programming company said it has signed a memorandum of understanding with government authorities in Rwanda to develop and implement new biosecurity capabilities in the African nation.

STAAR Surgical (STAA) rose more than 16% after the implantable lens company late Wednesday reported non-GAAP Q2 net income of $0.42 per share, up from $0.27 a year ago and beating the Capital IQ consensus by $0.19 per share. Net sales grew 30% over year-ago levels, rising to $81.1 million and also exceeding the $80.1 million analyst view.

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