Sector Update: Health Care Stocks Still Trying to Overcome Midday Slide

Last Updated: Tuesday, January 25, 2022 3:48 PM | MT Newswires

Health care stocks were mixed late in Tuesday trading, with the NYSE Health Care Index rising less than 0.1% and the SPDR Health Care Select Sector ETF (XLV) down 0.8%.

The Nasdaq Biotechnology index was down 0.9%.

In company news, Inhibrx (INBX) was slipping about 1%, paring much of a 20% decline earlier Tuesday that followed the biotechnology company saying Klaus Wagner will step down as chief medical officer on Feb. 1 to pursue another opportunity.

Johnson & Johnson (JNJ) rose 2.7% after the health care conglomerate Tuesday reported adjusted Q4 net income of $2.13 per share, improving on its $1.86 per share adjusted profit during the same quarter in 2020 and beating the Capital IQ consensus by $0.01 per share.

Allscripts Healthcare Solutions (MDRX) added more than 16% after the electronic health records company late Monday said it expects to report Q4 revenue in a range of $390 million and $395 million, topping the Capital IQ consensus call looking for $387.2 million in revenue. The company also authorized a new $250 million stock buyback program after completing its prior$350 million share-repurchase plan during 2021.

Sierra Oncology (SRRA) soared almost 46% after the biotechnology company Tuesday said its momelotinib drug candidate significantly reduced myelofibrosis symptoms and achieved all of its primary and key secondary endpoints during phase III testing in patients with the rare form of bone marrow cancer who were previously treated with an FDA-approved JAK inhibitor.---

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