Sector Update: Health Care Stocks Set to Close Near Wednesday Lows

Last Updated: Wednesday, August 17, 2022 3:52 PM | MT Newswires

Health care stocks lost more ground this afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF (XLV) both sinking 0.6%.

The Nasdaq Biotechnology index also was falling 2.1%.

In company news, Sanofi (SNY) dropped 6% after the French pharmaceuticals firm Wednesday said it has stopped work on its amcenestrant drug candidate after an independent data-monitoring committee said the prospective breast cancer treatment did not meet prespecified boundaries for continuation during a late-stage trial.

Option Care Health (OPCH) declined nearly 8% after the infusion services company overnight priced a $365.8 million secondary offering of 11 million shares previously held by Walgreens Boots Alliance (WBA) at $33.25 per share, or 4.6% under Tuesday's closing price. The stock sale represents about 6% of Option Care's outstanding shares and reduced Walgreens' stake in the company to 14.4%.

Ainos (AIMD) was 2% lower, reversing its mid-morning gains, after the diagnostics company Wednesday said it has struck a deal with Taiwan-based Swiss Pharmaceutical to test, manufacture and package its Veldona product candidates for the treatment of viral infections.

To the upside, Agilent (A) added 7% after the life-sciences company topped Wall Street estimates with its fiscal Q3 results and also raised its FY22 profit forecast above analyst expectations. Excluding one-time items, it earned $1.34 per share during the three months ended July 31, up from $1.10 per share a year ago and topping the Capital IQ consensus by $0.13 per share. Revenue increased 8.2% to $1.72 billion, also exceeding the $1.64 billion Street view.

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