Sector Update: Health Care Stocks Weaken With Broader Markets

Last Updated: Friday, September 30, 2022 4:03 PM | MT Newswires

Health care stocks were ending mostly lower this afternoon, with the NYSE Health Care Index dropping 0.7% while the SPDR Health Care Select Sector ETF (XLV) was down 1.3%. The Nasdaq Biotechnology index was sliding 0.2%.

In company news, OpGen (OPGN) declined more than 23%, staying within a whisker of its new record low of $0.285 per share set earlier Friday after the precision medicines company disclosed plans for a $3.4 million direct offering of 9.66 million common shares at $0.35 apiece as well as 33,810 of its Series C preferred shares with a single unnamed institutional investor. The company also lowered the exercise price of nearly 15 million warrants previously issued to the same investor from a range of $2.05 to $65 per share to a new exercise price of $0.377 per share and extended their expiration through March 2028.

Illumina (ILMN) was sinking 1.6% this afternoon, paring a portion of a more than 5% mid-morning slide that followed Barclays Friday reiterating its underweight stock rating for the genomic assay company but also increasing its price target for Illumina shares by $45 to $175.

Verastem (VSTM) was falling nearly 2%. The biopharmaceuticals company Friday said it has started the search for a permanent chief financial officer amid plans by incumbent CFO Robert Gagnon to step down on Oct. 31. Daniel Calkins, who is vice president of finance at Verastem, will succeed Gagnon on an interim basis, the company said.

To the upside, Teva Pharmaceutical (TEVA) added 3.2% after Friday saying it will pay $3.3 million to settle price-fixing claims against the generic drug maker by state officials in Georgia. The company also will participate in antitrust training and compliance efforts, it said, while continuing to deny the price-fixing allegations.

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