Sector Update: Health Care Stocks Posting Modest Friday Advance

Last Updated: Friday, July 30, 2021 1:36 PM | MT Newswires

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 0.2% while the SPDR Health Care Select Sector ETF (XLV) was up 0.4%.

The Nasdaq Biotechnology index also was climbing 0.4%.

In company news, Bio-Rad Laboratories (BIO) rose 5.9% after the diagnostics products company reported non-GAAP Q2 net income of $3.54 per share, more than doubling its $1.61 per share adjusted profit during the year-ago quarter while revenue increased 33.3% year-over-year to $715.9 million. Analysts polled by Capital IQ, on average, had been expecting Bio-Rad to earn $2.70 per share, excluding one-time items, on $642.6 million in revenue.

Merit Medical Systems (MMSI) also was 5.9% higher after the medical device company reported an adjusted Q2 profit of $0.62 per share, improving on non-GAAP net income of $0.31 per share during the same quarter last year and beating the Capital IQ consensus by $0.17 per share. Revenue grew 28.4% year-over-year to $280.3 million, also exceeding the $250.6 million Street view.

To the downside, IGM Biosciences (IGMS) dropped nearly 13% after the immunotherapies company overnight named Chris Takimoto, most recently a senior vice president for oncology at Gildead Sciences (GILD), to be its new chief medical officer Thursday. He succeeds Daniel Chen, who will continue with the company as a consultant.

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