Health Care Sector Update for 01/28/2022: PRVB,PODD,IMAB,NVAX

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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