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Health Care Sector Update for 07/15/2020: GENE,MBRX,CANF,ORMP

Health care stocks led the broader markets higher for a second session in a row, with the NYSE Health Care Index Wednesday rising 1.6% while the SPDR Health Care Select Sector ETF was up 1.4%.

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

In company news, Genetic Technologies Ltd (GENE) rallied Wednesday, at one point climbing 358% to its highest share price since December 2015 at $10.30, after saying it has filed for a provisional patent in Australia for its test to measure the severity risk of patients to COVID-19. The company currently is seeking regulatory approval in the United States and Australia for its polygenic risk score to predict "disease severity" for COVID-19.

Moleculin Biotech (MBRX) jumped out to a more than 36% gain after Wednesday announcing a new partnership with Sterling Pharma to produce its WP1122 treatment candidate for COVID-19 ahead of filing an investigational new drug application with US regulators.

Oramed Pharmaceuticals (ORMP) was over 13% higher after the firm said it will launch a pair of phase III trials on its ORMD-0801 oral insulin product following an FDA review. If the upcoming testing is successful, Oramed plans to apply for a biologics license, which would provide 12 years of marketing exclusivity for ORMD-0801.

Can-Fite Biopharma Ltd (CANF) rose 10% after the company said it expects to file an investigational new drug application before the end of July for its piclidenoson drug candidate as a potential treatment for COVID-19 patients with moderate symptoms. The company also said it recently revised its phase II study of piclidenoson following feedback from the US Food and Drug Administration.

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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