Sector Update: Health Care Stocks Scratching Out Small Friday Rise

Friday, October 23, 2020 3:53 PM | MT Newswires

Health care stocks turned fractionally higher this afternoon, with the NYSE Health Care Index rosing 0.2% while the SPDR Health Care Select Sector ETF was up 0.3%.

The Nasdaq Biotechnology index also was advancing 0.3%.

In company news, Innate Pharma (IPHA) climbed 13% after AstraZeneca (AZN) began a late-stage study of its monalizumab drug candidate in patients with head and neck cancer, triggering a $50 million milestone payment to Innate through the companies' license agreement for the immune checkpoint inhibitor. AstraZeneca shares were narrowly higher in late trade.

NextGen Healthcare (NXGN) rose almost 8% on Friday after reporting non-GAAP net income of $0.30 per share for its fiscal Q2 ended Sept. 30 on $140 million in revenue, beating the Capital IQ consensus expecting a $0.20 per share adjusted profit on $133 million in revenue. The electronic health care records company also reinstated its FY21 outlook, now projecting an adjusted profit and revenue for the year ending on March 31 exceeding analyst estimates.

Iterum Therapeutics (ITRM) slid nearly 46% after Friday pricing an upsized $17.5 million public offering of more than 26.9 million common shares at 65 cents each, or nearly 32% under Thursday's closing price for the early-stage drugmaker. The company also issued five-year warrants to buy up to 20.2 million additional shares at 65 apiece. It expects to use the net proceeds to fund the new drug application for its sulopenem drug candidate for the treatment of certain types of urinary tract infections.

Biondvax Pharmaceuticals (BVXV) slumped over 86% after Friday saying its M-001 universal flu vaccine candidate missed its primary and secondary efficacy endpoints during phase III testing, failing to show a statistically significant difference reducing flu symptoms and severity compared with a placebo.

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