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Sector Update: Health Care Stocks Get Friday Boost From Biotech Shares

05/07/2021 12:15

03:59 PM EDT, 05/07/2021 (MT Newswires) -- Health care stocks were ending higher this afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF rising 0.8% each.

The Nasdaq Biotechnology index was climbing 1.0%.

In company news, Mednax (MD) climbed over 20% after it reported non-GAAP Q1 net income of $0.24 per share on $446.8 million in revenue, blowing past the Capital IQ consensus expecting the pediatric health care provider to earn $0.14 per share, excluding one-time items, on $427 million in sales.

Acasti Pharma (ACST) climbed 16% 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 over 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 also is continuing work on its next-generation IBIO-202 subunit vaccine candidate targeting the nucleocapsid protein of the SARS-CoV-2 virus 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 during phase III testing.