Health Care Sector Update for 07/31/2020: ECOR,TLSA,GILD

Health care stocks were falling hard this afternoon, with the NYSE Health Care Index dropping 1.7% while the SPDR Health Care Select Sector ETF also was down 1.7%.

The Nasdaq Biotechnology index was sinking 2.7% in recent trade.

In company news, electroCore (ECOR) raced nearly 38% higher after the Us Food and Drug Administration granted an emergency use authorization for the company's gammaCore Sapphire CV vagus nerve stimulation therapy in COVID-19 patients with asthma-related dyspnea and reduced airflow. Initial distribution to hospitals and patients at home had been expected to begin Friday.

Tiziana Life Sciences (TLSA) was nearly 52% higher this afternoon, easing from a 146% gain earlier Friday, after the biotechnology company said it has filed a patent application for a nasal formulation of its Foralumab monoclonal antibody. The move follows phase I testing showing Foralumab had positive immunomodulatory effects in patients with COVID-19 by modulating the body's immune system to suppress the cytokine storm often associated with COVID-19.

Gilead Sciences (GILD) fell about 4.3% after the drugmaker reported non-GAAP Q2 net income of $1.11 per share on $5.14 billion in revenue, trailing the Capital IQ consensus expecting a $1.45 per share adjusted profit on $5.3 billion in revenue. Gilead shares also were pressured by reports an international panel of experts told the British Medical Journal the company's remdesivir prospective anti-viral drug needs more testing to determine its efficacy treating COVID-19.

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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ECOR TLSA GILD