Sector Update: Health Care Stocks Returning to Positive Ground in Late Trade

Last Updated: Tuesday, May 24, 2022 4:01 PM | MT Newswires

Health care stocks were narrowly higher this afternoon, with the NYSE Health Care Index climbing less than 0.1% and the SPDR Health Care Select Sector ETF (XLV) rising 0.3%.

The Nasdaq Biotechnology index, however, was sinking 1.5%.

In company news, Roivant Sciences (ROIV) climbed 6.9% after saying the US Food and Drug Administration cleared the company's Vtama topical cream to treat plaque psoriasis in adults.

Insulet (PODD) rose 7.2% amid reports Dexcom (DXCM) is pursuing a potential acquisition of the medical device company. A deal could be reached "in the coming weeks," unnamed sources told Bloomberg, although they also cautioned the talks could still fall apart. DexCom shares were dropping 11% this afternoon.

Cutera (CUTR) declined more than 17% after the medical device company Tuesday disclosed plans for a $200 million private placement of convertible senior notes due 2028.

INmune Bio (INMB) was plunging over 25% after saying the US Food and Drug Administration late last week placed a clinical hold on phase II testing of the company's XPro1595 drug candidate and requested additional information on the chemistry, manufacturing and controls for the prospective treatment for Alzheimer's disease.

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