US Markets

Health Care Sector Update for 07/29/2020: SNOA, SNY, ARCT, VHT, IYH, IBB, XLV

Health care stocks were mostly flat during premarket Wednesday. The Vanguard Health Care ETF (VHT), the iShares Dow Jones US Healthcare (IYH) and the iShares NASDAQ Biotechnology Index (IBB) were unchanged, while the Health Care SPDR (XLV) rose 0.37%.

Stocks moving on the news include Sonoma Pharmaceuticals (SNOA), which jumped more than 72% before markets open. On Tuesday, the company announced that the Microsafe Disinfectant and Sanitizer it manufactures, in collaboration with MicroSafe Group Dubai, has successfully passed both the Boeing Specification Standard BSS7434 and the British Aerospace Airbus specification AIMS09-00-002.

Sanofi (SNY) was also up nearly 2% after reporting Q2 business EPS of EUR1.28 ($1.51), exceeding the consensus estimate of EUR1.22. Separately, the pharmaceutical company and GlaxoSmithKline (GSK) also announced that they expect to commence the phase 1/2 trial of their COVID-19 vaccine in September followed by a phase 3 study by the end of the year.

Meanwhile, Arcturus Therapeutics (ARCT) declined more than 5% after pricing a public offering of about 3.3 million common shares at $53 per share for gross proceeds of approximately $173 million.

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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