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Health Care Sector Update for 08/05/2020: NVAX, CORT, GNMK, VHT, IYH, IBB, XLV

Health care stocks were trading flat-to-higher during premarket on Wednesday. The Vanguard Health Care ETF (VHT) and the iShares Dow Jones US Healthcare (IYH) were unchanged, while the iShares NASDAQ Biotechnology Index (IBB) gained 0.67% and the Health Care SPDR (XLV) rose 0.64%.

Stocks moving on the news include Novavax (NVAX), which rose more than 19%. The biotechnology company said data from its Phase 1/2 trial for its COVID-19 vaccine candidate was found to be generally well-tolerated. There were also no severe adverse events recorded during the trial and the majority of adverse events were mild.

Corcept Therapeutics (CORT) retreated 6% after posting Q2 non-GAAP diluted net income of $0.32 per share, up from $0.25 per share a year earlier. Analysts polled by Capital IQ expected earnings of $0.21 per share. The company also reaffirmed its full-year 2020 revenue guidance of $355 million to $375 million.

GenMark Diagnostics (GNMK) declined by more than 4%. The company on Tuesday posted a Q2 adjusted non-GAAP net loss of $0.07 per share, compared with a loss of $0.23 per share a year earlier. Analysts polled by Capital IQ expected a loss of $0.11 per share.

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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