US Markets

Health Care Sector Update for 08/24/2020: SYK,CGIX,BWAY,NVAX

Health care stocks continued their decline this afternoon, with the NYSE Health Care Index sinking 0.5% while the SPDR Health Care Select Sector ETF was down 0.6%.

The Nasdaq Biotechnology index was falling 1.4%.

In company news, Stryker (SYK) was fractionally lower in late trade after the medical device conglomerate Monday announced the US commercial launch of its Surpass Evolve Flow Diverter to treat brain aneurysms by re-directing blood flow to promote healing. The Surpass Evolve flow diverter is now available in over 45 countries and has been used by doctors in more than 1,500 patients, the company said.

Onconova Therapeutics (ONTX) plunged 68% after saying its rigosertib drug candidate did not meet its primary endpoint of improved survival in higher-risk patients with myelodysplastic syndrome during phase III testing, with patients treated with rigosertib and best supportive care surviving a mean 6.4 months compared with 6.3 months in patients receiving treatment selected by their doctor plus supportive care.

among gainers, Cancer Genetics (CGIX) was 112% higher, easing from a 257% gain earlier Monday, after the immuno-oncology company announced plans to merge with privately held drug discovery and toxicity testing StemoniX through an all-stock transaction providing Cancer Genetics investors with 22% of the merged companies. The deal is expected to close before the end of 2020, subject to shareholder approval at both companies.

Brainsway (BWAY) climbed 17% after Monday saying its H4 Deep TMS coil system has received 510(k) clearance from the US Food and Drug Administration as short-term aid for smoking cessation in adults, marking the first time the FDA has approved a deep transcranial magnetic stimulation device to help treat addiction. The company said it plans a controlled US market release for the new indication in early 2021.

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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