Sector Update: Health Care Stocks Rebound In Final Hour of Friday Trade

Last Updated: Friday, May 20, 2022 4:06 PM | MT Newswires

Health care stocks were broadly higher this afternoon, with the NYSE Health Care Index rising 0.2% while the SPDR Health Care Select Sector ETF (XLV) was up 1.0%.

The Nasdaq Biotechnology index was climbing 0.5%.

In company news, Evofem Biosciences (EVFM) plunged over 63% on Friday, sinking to a record low of $0.42 per share, after the biopharmaceuticals a $26.6 million private placement of 35.5 million common shares and pre-funded warrants at $0.75 apiece, or 31.8% under Thursday's closing price. Investors also received five-year warrants to buy two additional shares exercisable at $0.75 for each share they purchased in the original offering.

Novavax (NVAX) fell over 8.6% after BofA Securities began coverage of the vaccine company with an underperform rating.

Foghorn Therapeutics (FHTX) rallied late, rising 18% to recover from a nearly 27% retreat that followed the US Food and Drug Administration placing a partial clinical hold on phase I testing of the company's FHD-286 drug candidate while the agency reviews the safety database, risk mitigation strategies, and a breakdown of clinical activity across dose levels following the recent death of a patient with acute myelogenous leukemia possibly linked to differentiation syndrome. Patients who previously began the dose-escalation study enrolled patients can continue receiving treatment but no new patients

Covetrus (CVET) added 9.4% after the animal-health company said it received a non-binding buyout proposal from Clayton Dubilier & Rice and TPG Global, with the private-equity investors offering $21 apiece to acquire the Coventrus shares they don't already own, or about 16.5% over its last closing price.

Share this article:

Related Companies

You May Also Like

Related Articles

Sector Update: Health Care

Sector Update: Health Care Stocks Rebound Late

Sector Update: Consumer Stocks Adding to Friday Advance

Related Companies