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

Health care stocks were leading the broader markets higher for a second session in a row, with the NYSE Health Care Index rising 1.6% while the SPDR Health Care Select Sector ETF was up 1.1%.

The Nasdaq Biotechnology index was climbing 1.3% this afternoon.

In company news, Moleculin Biotech (MBRX) jumped more than 38% after the biopharmaceuticals company Wednesday announced a new partnership with Sterling Pharma to produce its WP1122 treatment candidate for COVID-19 ahead of filing an investigational new drug application to US regulators.

Can-Fite Biopharma Ltd (CANF) rose more than 11% 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.

Oramed Pharmaceuticals (ORMP) was 7.7% 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.

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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