Top Health Care Stocks
Health care stocks were retreating Tuesday, including a more than 0.5% decline for the NYSE Health Care Index in recent trading. Shares of health care companies in the S&P 500 were down over 0.4% as a group while the Nasdaq Biotechnology index was sliding about 0.4% lower.
Among health care stocks moving on news:
- Dare Biosciences ( DARE ) dropped to a record low on Tuesday, sinking almost 41% to a worst-ever $1.65 a share, after the specialty drugmaker priced a $10.25 million public offering of 5 million shares of its common stock at $2.05 apiece, a 26.5% discount to Monday's closing price. The company also issued 30-day options for underwriters to buy up to 750,000 additional shares and warrants to buy as many as 525,000 shares at $3 each over the next five years to cover potential over-allotments while also issuing five-year warrants to investors participating in the deal to buy up to 3.5 million shares, also exercisable at $3 a share. After first paying underwriter discounts and other offering expenses, it expects to pocket around $9.4 million in net proceeds, which the company plans to use for general corporate purposes, including expanding its product portfolio and acquiring the rights to new product candidates as well as for working capital.
In other sector news:
+Eli Lilly and Co ( LLY ) was trading higher again after the drug manufacturer Tuesday said its Taltz drug candidate met its primary endpoint of a statistically significant improvement in Ankylosing Spondylitis symptoms after 16 weeks and compared with a placebo during phase III testing. Taltz also met all of its key secondary endpoints as well. The company expects to file for regulatory approval later this year, pending additional data.
- Becton, Dickinson ( BDX ) fell Tuesday despite the medical technology company saying it received pre-market approval for its BD Onclarity test for human papillomavirus. The test detects 14 types of high-risk HPV from specimens collected for cervical cancer screening and identifies HPV genotypes 16, 18 and 45, which are associated with cervical cancer.