Sector Update: Health Care Stocks Drifting Lower in Tuesday Trading
01:17 PM EDT, 05/11/2021 (MT Newswires) -- Health care stocks were mostly lower this afternoon, with the NYSE Health Care Index falling 1.2% while the SPDR Health Care Select Sector ETF was down 0.9%.
The Nasdaq Biotechnology index, however, was climbing 0.8%.
In company news, Novavax (NVAX) dropped almost 12% after the company saw its Q1 net loss widen to $3.05 a share compared with its $0.58 a share loss during the same quarter last year.
Inovio Pharmaceuticals (INO) declined 1.8% after the drug maker reported a Q1 net loss of $0.27 per share on $371,120 in revenue compared with a $0.26 per share loss during the same quarter last year on $1.3 million in revenue.
ShockWave Medical (SWAV) rose nearly 24% after late reporting a 110% year over year increase in Q1 revenue to $31.9 million, topping the $31.4 million Street view. The intravascular lithotripsy technology company also is projecting FY21 revenue in a range of $195 million to $205 million, also topping the $166.3 million consensus call.