Sector Update: Healthcare Stocks Adding to Earlier Gains Near Close Thursday

Last Updated: Thursday, December 8, 2022 4:04 PM | MT Newswires

Healthcare stocks were mostly higher Thursday afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF (XLV) both gaining 0.8%.

The iShares Biotechnology ETF (IBB) also was climbing 1.2%.

In company news, Eiger BioPharmaceuticals (EIGR) was almost 70% lower late in Thursday trading, staying within close range of its 75% plunge to a record low of $0.96 a share, after reporting a patient death likely linked to a combination of its lonafarnib drug candidate with ritonavir and peginterferon alfa during a Phase 3 trial of the prospective treatment for chronic HDV. It also observed a higher ratio of serious treatment-emergent adverse events in active arms of the trial compared with the placebo group.

Relmada Therapeutics (RLMD) shed over 49% after late Wednesday saying a combination of its REL-1017 drug candidate and another antidepressant did not meet its primary target of producing a statistically significant improvement in symptoms compared with placebo during Phase 3 testing in patients with major depressive disorder. Relmada, however, continues to enroll patients for a study evaluating REL-1017 as a potential adjunctive treatment for depression.

On the upside, Replimune Group (REPL) has turned 4.2% higher, rebounding from an early 8% decline, after the immunotherapies company late Wednesday disclosed plans for a $125 million public offering of its common shares and pre-funded warrants. Net proceeds, together with other resources, will be used to fund the development and commercial launch of its RP1 tumor therapy and other product candidates, according to the preliminary prospectus.

Pharvaris (PHVS) more than quadrupled in value on Thursday, recently climbing over 318%, after the Dutch biopharmaceuticals company said its PHVS416 drug candidate met its primary endpoint by substantially reducing attack symptoms during Phase 2 testing in patients with hereditary angioedema. PHVS416 also was generally well tolerated with no treatment-related serious adverse events and no adverse events leading to treatment discontinuation.

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