Sector Update: Healthcare Stocks Slide Monday but Outperform Most Sectors

Last Updated: Monday, December 5, 2022 4:07 PM | MT Newswires

Healthcare stocks fell Monday but outperformed most other sectors, with the NYSE Health Care Index sinking 1.0% and the SPDR Health Care Select Sector ETF (XLV) down 1.1%.

The iShares Biotechnology ETF (IBB) also was down by 2.5%.

In company news, Dermata Therapeutics (DRMA) plunged as much as 63% to touch a new record low of $0.22 a share after Monday saying its DMT310 drug candidate did not produce a statistically significant separation in patients with moderate to severe rosacea compared with patients who received a placebo during Phase 2 testing. The stock was nearly 58% lower near Monday's close.

Biocryst Pharmaceuticals (BCRX) dropped 9.5% after a regulatory filing late Friday showed CEO Jon Stonehouse last week sold 297,573 shares in the small-molecule medicines company through a series of transactions priced between $12.69 to $13.45 per share after exercising options expiring Jan. 1 to buy the shares at $1.42 each. Stonehouse continues to directly own another 901,830 Biocryst shares plus another 10,000 shares indirectly.

Lantheus Holdings (LNTH) shed 8.9% after the diagnostic and therapeutics company disclosed plans for a $500 million private placement of convertible senior notes maturing in 2027. It expects to use up to $150 million of the net proceeds to buy back common stock from its institutional investors and other shareholders and fund the company's licensing and collaboration agreement with Point Biopharma Global.

On the upside, Yumanity Therapeutics (YMTX) gained almost 19% after the company declared a special dividend of between $1.34 to $1.43 per share later this month using the expected proceeds from the $26 million sale of its YTX-7739 product candidate for Parkinson's disease along with other unpartnered neuroscience drugs now in development. The upcoming distribution is conditioned on Yumanity shareholders voting next week for its proposed reverse merger with privately held immunotherapy company Kineta.

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