US Markets

Health Care Sector Update for 07/28/2020: KODK,SPPI,UTMD

Health care stocks were rising, with the NYSE Health Care Index up 0.3% while the SPDR Health Care Select Sector ETF gained 0.3%.

The Nasdaq Biotechnology index was falling more than 0.6% this afternoon.

In company news, Eastman Kodak (KODK) Tuesday soared as much as 350%, touching its best share price since February 2017 at $11.80, after the Wall Street Journal reported the imaging technology company has secured a $765 million loan through the federal government's Defense Production Act to produce active pharmaceutical ingredients for generic drugs to treat various medical conditions and to also reduce US reliance on foreign sources.

Spectrum Pharmaceuticals (SPPI) rose 19% after the biopharmaceuticals company said late Monday its poziotinib drug candidate met its primary endpoint during phase II testing in patients with previously treated non-small cell lung cancer and HER2 exon 20 insertion mutations. Separately, on Tuesday, Cantor Fitzgerald increased its price target by $3 to $7 a share.

Utah Medical Products (UTMD) declined 4.7% after the company reported Q2 adjusted net income of $0.42 per share, more than halving its $0.94 non-GAAP profit during the prior-year period, while revenue dropped 26% year-over-year to $8.79 million. Analyst estimates were not available.

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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