Sector Update: Health Care Stocks Fall in Premarket Tuesday Trade
09:04 AM EDT, 05/11/2021 (MT Newswires) -- Health care stocks were down ahead of Tuesday's trade open. The Health Care SPDR (XLV) was down 0.65% while the iShares NASDAQ Biotechnology Index (IBB) was more than 2% lower recently.
In company news, Schrodinger (SDGR) was down by more than 9% after it booked no net earnings per diluted share in Q1 compared with a net loss of $0.34 per diluted share last year. It also reported revenue of $32.1 million in the March quarter, up from $26.2 million in the prior-year period.
Novavax (NVAX) was declining by more than 14% after it booked a Q1 net loss of $3.05 a share, compared with a net loss of $0.58 a share for the same quarter in 2020. It also reported revenue of $447 million, up from $3 million a year ago.
Inovio Pharmaceuticals (INO) was more than 11% lower after it reported a Q1 net loss of $0.27 per share, compared with a loss of $0.26 per share a year earlier. Revenue declined to $371,120 from $1.3 million in the previous year.