Sector Update: Health Care Stocks Retreat Wednesday

Last Updated: Wednesday, May 18, 2022 3:59 PM | MT Newswires

Health care stocks still were mostly lower this afternoon, with the NYSE Health Care Index sinking 2.7% and the SPDR Health Care Select Sector ETF (XLV) down 2.6%.

The Nasdaq Biotechnology index was sinking 2.7%.

In company news, Baudax Bio (BXRX) was more than 31% lower, staying within close range of recent all-time low of $0.78 per share set earlier Wednesday after the pharmaceuticals company priced a $2 million at-the-market direct offering of nearly 1.65 million shares at $1.215 apiece. The institutional investors participating in the deal also received an equal number of five-year warrants exercisable at $1.09 per share.

IceCure Medical (ICCM) tumbled 9.4% after the cryoablation company saw its Q1 net loss widen to $0.12 per share compared with its $0.07 per share loss during the first three months of 2021 and revenue down 48% year-over-year to $747,000. Analyst estimates were not available.

GH Research (GHRS) slumped over 10% after reporting a Q1 net loss of $0.11 per share, nearly trebling its $0.04 per share loss during the March quarter in 2021 but still beating the two-analyst consensus expecting a $0.17 per share loss for the pre-revenue drug maker.

Among gainers, Procaps Group (PROC) rose over 13% after announcing its purchase of the Grupo Somar pharmaceuticals company in Mexico from private-equity firm Advent International.

Share this article:

Related Companies

You May Also Like

Related Articles

Related Companies