Sector Update: Health Care Stocks Rise in Cautious Wednesday Trade

Wednesday, January 13, 2021 3:57 PM | MT Newswires

Health care stocks were ending mostly higher this afternoon, with the NYSE Health Care Index rising 0.5% while the SPDR Health Care Select Sector ETF also was ahead 0.4%.

The Nasdaq Biotechnology index was climbing 0.1%.

In company news, Quanterix (QTRX) raced nearly14% higher after the digital biomarker analysis company said it expects to report GAAP revenue in a range of $24 million to $26 million for its Q4 ended Dec. 31, up at least 51% over its $15.9 million in revenue during the same quarter last year and exceeding the Capital IQ consensus expecting $21.7 million in Q4 revenue. The company issued the preliminary Q4 results ahead of CEO Kevin Krusovsky presenting at an investor conference hosted by JPMorgan later this afternoon.

Marinus Pharmaceuticals (MRNS) rose 4.2% after it received a positive response from the US Food and Drug Administration supporting the filing of a new drug application for the use of the company's oral ganaxolone drug candidate in children and young adults with CDKL5 deficiency disorder following positive data from phase III testing of the anti-seizure medication. Marinus is expecting to submit a new drug application for ganazolone by the mid-2021.

To the downside, Heska Corp. (HSKA) declined 1.1% after the veterinary diagnostic products company Wednesday announced plans to acquire Lacuna Diagnostics, a provider of point-of-care diagnostics, digital cytology technology, and telemedicine services. Financial terms were not disclosed.

Harpoon Therapeutics (HARP) has turned 3.1% lower this afternoon, giving back a more than 5% gain earlier Wednesday that followed it saying the US Food and Drug Administration has granted orphan drug designation for its HPN217 drug candidate it is co-developing with AbbVie (ABBV) for the treatment of multiple myeloma. Harpoon is expected to report interim data from phase I/II testing of HPN217 later this year and is planning to begin the dose-expansion portion of the trial during the second half of 2021. AbbVie was 2.7% higher this afternoon.

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