Health Care Sector Update for 03/14/2023: CDMO,HCM,AMLX,AGEN

Health care stocks added to earlier gains Tuesday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both up 0.9%.

The iShares Biotechnology ETF (IBB) climbed 1.3%.

In company news, Avid Bioservices' (CDMO) surged 36% after the contract manufacturer of monoclonal antibodies and recombinant proteins reported fiscal Q3 earnings and revenue exceeding Wall Street expectations.

Amylyx Pharmaceuticals (AMLX) advanced 9.4%. The company's Q4 net loss was narrower than expected by analysts, and revenue topped expectations.

Hutchmed (HCM) rose 7.3% after closing on a $400 million licensing and commercialization agreement with an affiliate of Japanese drug maker Takeda Pharmaceuticals for Hutchmed's fruquintinib immunotherapy for colorectal cancer outside of China, Hong Kong and Macau. Hutchmed also is eligible for up to $730 million in milestone payments.

Agenus (AGEN) rose 4.7%. The immuno-oncology company reported Q4 revenue topping estimates by analysts.

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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