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Health Care Sector Update for 08/05/2020: SINT,NVAX,MYOS,TDOC,LVGO

Health care stocks were mostly higher ahead of Wednesday's closing bell, with the NYSE Health Care Index rising 0.5% while the SPDR Health Care Select Sector ETF also was up 0.3%.

The Nasdaq Biotechnology index was falling 0.2% in recent trade.

Stocks moving on news include SINTX Technologies (SINT) sliding 22% lower after the biomaterials company Wednesday announced an $8.2 million direct placement of more than 3.4 million of its common shares with several unnamed institutional investors and priced at $2.40 each, representing a 26.4% discount to Tuesday's closing price.

Teladoc Health (TDOC) tumbled almost 19% after the virtual health care provider Wednesday said it was acquiring remote data-capture company Livongo (LVGO) for $18.5 billion in cash and stock. Under terms of the proposed transaction, investors will receive 0.592 of a Teladoc share and $11.33 in cash for each of their Livongo shares, valuing the target company at $159 per share, or about 10% above Tuesday's closing price. Livongo shares were down 8% this afternoon.

Among gainers, Novavax (NVAX) rose 10% after the biopharmaceuticals company late Tuesday reported positive results from phase I testing of its COVID-19 vaccine candidate, saying NVX-CoV2373 was generally well tolerated and produced a "robust" antibody response in healthy study participants when combined with its saponin-based Matrix-M adjuvant.

RENS Technology (MYOS) was 45% higher, narrowing from a 132% gain earlier Wednesday after the nutritional products company narrowed its Q2 net loss to $0.07 per share compared with a $0.13 per share loss during the same quarter last year while revenue grew 114% over year-ago levels to $329,000 during the three months ended June 30. 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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