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Sector Update: Health Care Stocks Swinging Between Small Gains, Losses

· 02/05/2021 09:01

01:55 PM EST, 02/05/2021 (MT Newswires) -- Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF was down less than 0.1%.

The Nasdaq Biotechnology index, however, was climbing 0.6% in recent trading.

In company news, T2 Biosystems (TTOO) touched a 2-year high of $3.45 a share, rising 44% after late Thursday saying its T2SARS-CoV-2 Panel-a diagnostic test could detect the Brazil variant of the COVID-19 virus, providing results in less than two hours using an upper respiratory swab sample and demonstrating a 95% clinical sensitivity and 100% specificity.

OncoCyte (OCX) rose almost 13% after the molecular diagnostics company Friday priced a $35 million public offering of just under 7.8 million common shares at $4.50 each, or %15.3 under Thursday's closing price. Net proceeds will be used to commercialize its DetermaRx lead diagnostic test and completing development of its DetermaIO and other tests in its pipeline.

Itamar Medical (ITMR) climbed 3.2% after pricing a $44.8 million public offering of 3.05 million American depositary shares at $22.75 each, representing a 4.4% discount to Thursday's closing price. for gross proceeds of about $44.8 million. The offering consisted of 1.97 million shares sold by the medical device company and another 1.08 million shares previously owned by Israeli venture-capital investors Viola Growth.