Sector Update: Supported by Biotech Shares, Health Care Stocks Outperform Broader Friday Markets

Friday, November 20, 2020 4:01 PM | MT Newswires

Health care stocks were finishing narrowly mixed, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF also was down less than 0.1%.

The Nasdaq Biotechnology index, meanwhile, was climbing 0.7% after Pfizer (PFE) and BioNTech (BNTX) Friday said they were applying for an emergency use authorization for their COVID-19 vaccine candidate.

In company news, Spring Bank Pharmaceuticals (SBPH) was little changed in late trade, giving back all of a nearly 8% gain earlier Friday that followed the company completing its business combination with F-star Therapeutics, one day after Spring Bank shareholders voted to aprove the all-stock merger with the privately held immuno-oncology company and a corresponding 4-for-1 reverse stock split. F-star investors now own 53.7% of the combined company's shares, which will begin trading Monday under the F-star name and FSTX ticker symbol.

Oragenics (OGEN) plunged 25% after the biotechnology company Friday priced a $5.25 million public offering of 14.19 million shares at 37 cents each, or more than 30% under its most recent closing price. Net proceeds will fund continued development of its SARS-CoV-2 vaccine candidate and other general corporate purposes.

Among gainers, Longview Acquisition Corp (LGVW) climbed 28% after the blank check firm Friday announced plans to merge with medical imaging company Butterfly Network through a deal valuing the combined companies at around $1.5 billion. The transaction is expected to close during the first three months of 2021 and the company beginning to trade on the New York Stock Exchange using the BFLY ticker symbol.

Penumbra (PEN) climbed 1.2% after saying the US Food and Drug Administration has approved an additional indication for its Indigo System Lightning 12 aspiration thrombectomy system, now allowing it to be used to remove soft emboli and thrombi from peripheral arteries and veins in addition to its current indication of treating pulmonary embolisms.

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