Sector Update: Health Care Stocks Outpaced by Broader Markets

Last Updated: Tuesday, December 7, 2021 4:01 PM | MT Newswires

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 1.0% while the SPDR Health Care Select Sector ETF (XLV) was up 1.1%.

The Nasdaq Biotechnology index was surging 3.7%.

In company news, Pacific Biosciences of California (PACB) rose more than 12% after the long-read genetic sequencing company Tuesday announced plans to work with the UCLA Institute for Precision Health and David Geffen School of Medicine at UCLA to detect large or challenging variants that can be missed by short-read sequencing technologies and further identify rare or undiagnosed diseases in pediatric patients.

Fate Therapeutics (FATE) climbed 14% after Cowen began coverage of the immunotherapies company with an outperform stock rating.

Bright Health Group (BHG) added 9.5% after the health care insurance firm reiterated its FY21 revenue outlook of $4.1 billion to $4.2 billion and said its FY22 revenue should increase to between $6.3 billion to $6.5 billion.

Among decliners, HealthEquity (HQY) plunged Tuesday, at one point sinking 35% to its lowest share price in more than five years, after the health care savings account company late Monday reported a lower non-GAAP Q3 profit compared with year-ago levels and revenue for the three months ended Oct. 31 trailing Wall Street expectations. HealthEquity guided its FY22 earnings below analyst estimates.

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