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Sector Update: Health Care Stocks Ending Tuesday Session Lower, But Biotech Shares Rise

05/11/2021 12:08

04:03 PM EDT, 05/11/2021 (MT Newswires) -- Health care stocks were mostly lower in Tuesday afternoon trading, with the NYSE Health Care Index falling 0.9% while the SPDR Health Care Select Sector ETF was down 1.2%.

The Nasdaq Biotechnology index, however, was climbing 0.4% shortly before the closing bell.

In company news, Rocket Pharmaceuticals (RCKT) fell 3.3% after UBS Tuesday cut its price target for the gene therapy company by $5 to $70 but also reiterated its buy stock rating in response to Rocket late Monday reporting a Q1 net loss of $0.65 per share, beating the Capital IQ consensus by $0.06 per share.

Novavax (NVAX) dropped 14% 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 2.8% 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.

To the upside, ShockWave Medical (SWAV) rose 18% after 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 exceeding the $166.3 million consensus call.