Sector Update: Health Care Stocks Set to Finish Moderately Higher

Last Updated: Wednesday, August 10, 2022 3:55 PM | MT Newswires

Health care stocks remain moderately higher compared with most other sectors this afternoon, with the NYSE Health Care Index rising 0.6% while the SPDR Health Care Select Sector ETF (XLV) was up 1.1%.

The Nasdaq Biotechnology index was climbing 2.1% in late trade.

In company news, AbCellera Biologics (ABCL) gained nearly 20% after the Canadian antibody-discovery company reported a 66% increase in its Q2 revenue to $45.9 million from $27.6 million a year ago.

BioLife Solutions (BLFS) was also up nearly 20% after the bioproduction supplies company reported a 30% year-over-year increase in Q2 revenue, climbing to $40.5 million and beating the Capital IQ consensus looking for $39.2 million. It also nudged the bottom end of its FY22 forecast range higher.

Invitae (NVTA) more than tripled in price on Wednesday, climbing more than 225% in late trade, after the genetic-testing firm reported a smaller-than-expected Q2 net loss and revenue topping analyst estimates. Excluding one-time items, it recorded a $0.68 per share loss, beating the Capital IQ consensus of a loss of $0.76, while revenue increased 17.5% year-over-year to $136.6 million, also exceeding the $136.1 million Street view.

Among decliners, Organogenesis Holdings (ORGO) fell more than 20% after the regenerative medicine company overnight reported Q2 results trailing analyst estimates and also cut its FY22 profit and revenue forecasts. It earned $0.07 per share for the quarter, more than halving its $0.15 per share profit a year ago and missing the analyst estimate by $0.01.

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