Health care stocks continued to strengthen this afternoon, with the NYSE Health Care Index rising 0.7% and the SPDR Health Care Select Sector ETF (XLV) up 1.2%.
The Nasdaq Biotechnology index was climbing 1.8% in late trade.
In company news, Provention Bio (PRVB) jumped more than 20% after the biopharmaceuticals company overnight said it plans to resubmit the biologics license application for its teplizumab B drug candidate after agreeing to adjust the 14-day regimen for the treatment it developed to slow the onset of type 1 diabetes in at-risk individuals following recent discussions with the agency. The drug has been on hold since the FDA questioned whether teplizumab B was comparable to the product used during earlier clinical trials.
Insulet (PODD) rose over 16% after the medical device company was cleared by the US Food and Drug Administration to begin the sale of its Omnipod 5 automated insulin delivery system for individuals aged six years and older with type 1 diabetes. Omnipod 5 is the first tubeless automated delivery device integrated with Insulet's Dexcom G6 continuous glucose monitoring system and a smartphone app to automatically adjust insulin levels and help protect patients against highs or lows.
Novavax (NVAX) climbed 12% after it announced an advance purchase agreement to supply 5 million doses of its NVX-CoV2373 vaccine candidate for COVID-19 to the Israeli health ministry. The deal also includes an option for Israel to buy an additional 5 million doses.
I-Mab (IMAB) gained 5.7% on Friday after announcing a new partnership agreement with the Hangzhou Qiantang New Area to produce its biologics and medications in China and accelerate commercialization efforts.
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