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Sector Update: Health Care Stocks Rise as Biotech Shines

05/07/2021 09:28

01:28 PM EDT, 05/07/2021 (MT Newswires) -- Health care stocks were higher this afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF rising 0.6% each.

The Nasdaq Biotechnology index was climbing 0.9%.

In company news, Acasti Pharma (ACST) climbed 20.5% after the Canadian drug maker announced plans to acquire privately held Grace Therapeutics in a transaction that would give Grace investors a 45% stake in the combined company.

IBio (IBIO) rose 16% after saying its IBIO-201 vaccine candidate for COVID-19 showed no adverse effects at low or high doses during toxicology studies. The company is continuing work on its next-generation IBIO-202 subunit vaccine candidate targeting the nucleocapsid protein of the SARS-CoV-2 and said preclinical trial results should be available early in Q1 2022.

Orphazyme (ORPH) plunged more than 32% to a record low of $5.76 a share after saying its arimoclomol drug candidate did not meet primary or secondary endpoints of a phase III trial.