Sector Update: Health Care Stocks Hanging On For Modest Rise
03:54 PM EDT, 05/10/2021 (MT Newswires) -- Health care stocks still were mostly higher this afternoon, with the NYSE Health Care Index rising 0.4% while the SPDR Health Care Select Sector ETF also was up 0.4% in late trade.
The Nasdaq Biotechnology index, however, was sinking 1.6%.
In company news, Viatris (VTRS) gained 7% after the drug maker Monday reported a Q1 net loss of $0.86 per share, reversing a $0.04 per share profit during the year-ago quarter, but still beating the Capital IQ consensus looking for a $0.13 per share net loss. Revenue grew 69% year-over-year to $4.43 billion, also exceeding the $4.20 billion Street view.
Soliton (SOLY) rose over 25% to a best-ever $22.55 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 23% 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.
To the downside, Soligenix (SNGX) dropped 19.5% 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.