Sector Update: Health Care Stocks Posting Modest Monday Gains

Last Updated: Monday, June 27, 2022 4:13 PM | MT Newswires

Health care stocks were trading mostly higher this afternoon, with the NYSE Health Care Index rising 0.8% while the SPDR Health Care Select Sector ETF (XLV) was up 0.3%.

The Nasdaq Biotechnology index, however, was slipping 0.3%.

In company news, Acutus Medical (AFIB) nearly doubled in price on Monday, rising nearly 89% late in afternoon trading after the arrhythmia management company said the US Food and Drug Administration has approved an expanded suite of products, including its AcQCross Qx transseptal system, providing doctors with improved access to the left side of the heart.

NeuroSense Therapeutics (NRSN) raced over 45% higher on Monday after reporting encouraging results from the third stage of a biomarker study evaluating its PrimeC drug candidate in patients with amyotrophic lateral sclerosis, with early data showing a statistically significant drop in the level of disease-related biomarkers when PrimeC was delivered in addition to the standard of care.

BioNTech (BNTX) shares rose 7% after the company on Saturday said data from a late-stage trial of two Omicron-adapted vaccine candidates developed with Pfizer (PFE) showed a booster dose produced higher immune response against Omicron BA.1 compared with their current vaccine. Pfizer shares were 0.4% higher in late trading.

On the downside, Eargo (EAR) slid 16% after saying Patient Square Capital will invest up to $125 million in the medical device company, with Eargo initially issuing $100 million of its senior secured convertible notes to the health care investment firm. Eargo is also planning a rights offering of 375 million shares at $0.50 each.

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