Sector Update: Health Care Stocks Slide But Outperform Most Other Sectors

Monday, October 26, 2020 4:09 PM | MT Newswires

Health care stocks still were outperforming most other sectors this afternoon, with the NYSE Health Care Index dropping 1.2% in late trade while the SPDR Health Care Select Sector ETF fell by1.6%.

The Nasdaq Biotechnology index was falling 1.2%.

In company news, Mirati Therapeutics (MRTX) rallied Monday, at one point climbing over 17% to a record $211.50 a share, after Sunday saying it expects to seek an accelerated review of its adagrasib drug candidate during the second half of 2021 after it showed "deep and durable anti-tumor activity" during pre-clinical testing in various models, including colorectal and non-small cell lung cancer. Adagrasib also was well tolerated, either as a monotherapy or in combination with other cancer medications, Mirati said.

Titan Pharmaceuticals (TTNP) rose 8.5% after the long-term drug delivery company Monday said it will settle about $5.2 million in outstanding debt owed to commercialization partner Molteni and Horizon Credit in exchange for $1.6 million, the transfer of selected assets of its Probuphine opioid implant and Titan giving up future payments from its asset purchase and supply agreement with Molteni.

Among decliners, Turning Point Therapeutics (TPTX) slid 7.3% despite HC Wainwright Monday raising its price target for the biopharmaceuticals company to $130 from $100 previously and also reiterating its buy investment recommendation for the stock.

BioSig Technologies (BSGM) tumbled almost 40% after saying its ViralClear subsidiary was ending phase II testing of a combination of its merimepodib enzyme inhibitor and Gilead Science's (GILD) remdesivir anti-viral in adult patients with advanced COVID-19. The move follows a safety monitoring committee observing an imbalance in survival rates making unlikely the trial would meet its primary safety endpoints.

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