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

Health care stocks were higher, with the NYSE Health Care Index rising 0.6 while the SPDR Health Care Select Sector ETF was up 0.7%.

The Nasdaq Biotechnology index was climbing 0.8%.

In company news, Rigel Pharmaceuticals (RIGL) rose almost 78% 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.

INmune Bio (INMB) soared more than 94% after the immunotherapy company said its XPro1595 lead drug candidate reduces neuroinflammation in patients with Alzheimer's disease based on interim results from a phase Ib trial.

Altimmune (ALT) climbed nearly 29% 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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