SPY424.31+0.70 0.17%
DIA345.12+0.14 0.04%
IXIC14,069.42+49.09 0.35%

Sector Update: Health Care Stocks Extending Monday Gains, Overcoming Biotech Weakness

05/10/2021 09:20

01:11 PM EDT, 05/10/2021 (MT Newswires) -- Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 0.7% while the SPDR Health Care Select Sector ETF also was up 0.8%.

The Nasdaq Biotechnology index, however, was sinking 1.1%.

In company news, Soliton (SOLY) rose over 25% to a best-ever $22.53 a share after the medical device company agreed to a $550 million buyout offer from AbbVie's (ABBV) Allergan Aesthetics, which will pay $22.60 in cash for each Soliton share. AbbVie shares were fractionally higher, earlier rising 1.2% to also touch an all-time high of $117.18 a share.

PolarityTE (PTE) climbed more than 24% after saying 70% of patients with diabetic foot ulcers treated with its SkinTE regenerative tissue product and the standard of care had wound closures after 12 weeks compared with only 34% of the patients receiving the standard of care alone.

Soligenix (SNGX) dropped 19.58% after saying it was scrapping plans to pursue a rolling new drug application for its HyBryte photodynamic therapy to treat cutaneous T-cell lymphoma, citing manufacturing delays linked to the COVID-19 pandemic among other issues, and is now planning to file its NDA during the first half of 2022.