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Sector Update: Health Care Stocks Regain Early Advance

· 02/05/2021 11:13

03:59 PM EST, 02/05/2021 (MT Newswires) -- Health care stocks were back on positive ground this afternoon, with the NYSE Health Care Index rising 0.2% while the SPDR Health Care Select Sector ETF also was up 0.2%, reversing a small midday decline.

The Nasdaq Biotechnology index was climbing 1.7% in recent trading.

In company news, Vor Biopharma (VOR) more than tripled in value during its debut on the Nasdaq Global Select market, surging 253% to a first-day high of $63.62 a share after earlier pricing an upsized, $176.9 million initial public offering of nearly 9.83 million common shares at $18 apiece, matching the top of its expected range and the oncology drug company adding slightly more than 1 million shares to the deal over its original plans. The stock was 106% higher in late trade

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 over 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 4.8% 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.