Health Care Sector Update for 07/16/2020: TCDA, TLSA, ABT, XLV, IBB

Health care firms were slipping premarket Thursday as the Health Care SPDR (XLV) was down 0.2% and the iShares NASDAQ Biotechnology Index (IBB) was 0.8% lower recently.

Tricida (TCDA) declined by more than 33% after saying the US Food and Drug Administration has found deficiencies in its new drug application for veverimer to treat metabolic acidosis in patients with chronic kidney disease.

Tiziana Life Sciences (TLSA) retreated more than 4%. The company said Thursday it has submitted a patent application on the potential use of the anti-CD3 monoclonal antibody Foralumab to improve the effectiveness of CAR-T therapy in cancer and other diseases.

Meanwhile, Abbott (ABT) gained 1% after reporting on Thursday Q2 adjusted EPS of $0.57, down from $0.82 a year earlier, but higher than the $0.42 average estimate of analysts surveyed by Capital IQ.

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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