Sector Update: Health Care Stocks Unable to Complete Tuesday Recovery

Last Updated: Tuesday, November 29, 2022 4:01 PM | MT Newswires

Health care stocks were ending narrowly lower Tuesday afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF (XLV) both slipping 0.3%.

The iShares Biotechnology ETF (IBB) also was dropping 0.6%.

In company news, CNS Pharmaceuticals (CNSP) slid over 19% after completing a 1-for-30 reverse split of its common stock as part of efforts by the clinical stage drug maker to boost its share price above Nasdaq stock market's $1-per-share minimum price threshold.

Bionano Genomics (BNGO) fell 6.1% on Tuesday, giving back an early 4.4% advance, after the genome analysis software firm overnight announced its purchase of Purigen Biosystems for $32 million in cash at closing plus up to $32 million more as the automated nucleic acid extraction and purification company achieves certain milestones.

Viatris (VTRS) rose 1.1% after the branded and generic drugs maker completed the $3.34 billion sale of its biosimilars business to a subsidiary of Indian drugmaker Biocon. The deal, which includes a 12.9% equity staked in Biocon Biologics, is expected to trim revenue for its current FY22 by around $80 million and reduce earnings before interest, taxes, depreciation and amortization by about $20 million this year.

Apollo Endosurgery (APEN) was 68% higher, staying within close range of its best share price since April 2017, after agreeing to a $615 million buyout offer from Boston Scientific (BSX), which will pay $10 in cash for each Apollo share, representing a 66.7% premium over Monday's closing price. Boston Scientific shares were rising 1.6%.

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