Health Care Sector Update for 07/14/2020: ORGS,RIGL,INMB,ALT

Health care stocks extended their Tuesday advance, with the NYSE Health Care Index rising 1.4% while the SPDR Health Care Select Sector ETF was up 1.7%.

The Nasdaq Biotechnology index also was climbing 1.7% this afternoon.

In company news, Orgenesis (ORGS) was more than 1% higher on Tuesday after saying it would collaborate with Slovenian biotechnology company Educell Ltd on one or more cell-based research projects. Financial details were not disclosed but Orgenesis said the companies are expecting to use its cell and gene therapy platform to jointly focus on clinical development of chimeric antigen receptor T-cell therapies as potential cancer treatments.

INmune Bio (INMB) soared 88% after the immunotherapy company presented interim results from phase Ib testing of its XPro1595 lead drug candidate, reporting a drop in neuroinflammation in patients with Alzheimer's disease.

Rigel Pharmaceuticals (RIGL) rose 91% after the company said Imperial College London has begun testing its Fostamatinib medication as a potential treatment for COVID-19 pneumonia. Fostamatinib has been previously approved in the US and Europe to treat adult chronic immune thrombocytopenia, an immune disorder causing the blood to not clot normally.

Altimmune (ALT) climbed 16% after the biopharmaceuticals company late Monday priced a $115 million public offering of about 3.4 million common shares and 1.6 million pre-funded warrants at $23 per share, representing an 8% discount to its most recent closing price. Net proceeds will be used for general corporate purposes.

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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