Sector Update: Health Care Stocks Posting Small Gains

Last Updated: Wednesday, October 5, 2022 1:58 PM | MT Newswires

Health care stocks were edging higher Wednesday afternoon, with the NYSE Health Care Index up fractionally and the SPDR Health Care Select Sector ETF (XLV) rising 0.3%.

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

In company news, Iveric bio (ISEE) rose 4.2% after a new regulatory filing overnight showed Deerfield Management owns slightly more than 5.6 million of the specialty drug maker's shares in addition to options to buy up to 1 million more shares, providing the health care-oriented investment firm with 5.6% of the company's outstanding shares.

TRxADE Health (MEDS) was 0.4% higher after the drug dispensing equipment company late Tuesday priced a $1.8 million direct private placement of 1.5 million common shares with an unnamed institutional investor at $1.15 apiece. The company also issued five-year warrants to buy up to 2.7 million additional shares exercisable at $1.50 a share through a concurrent offering.

Sotera Health (SHC) dropped over 10% after a Citigroup downgrade Wednesday of the sterilization and lab testing services company to neutral from buy.

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