Health Care Sector Update for 09/19/2022: VIRI, VALN, SYRS

Health care stocks were falling hard this afternoon, with the NYSE Health Care Index sinking 1.1% while the SPDR Health Care Select Sector ETF (XLV) was down 1.2%.

The Nasdaq Biotechnology index also was dropping 1.6%.

In company news, Virios Therapeutics (VIRI) slumped more than 71% on Monday after the antiviral therapies company said its IMC-1 drug candidate did not produce a statistically significant improvement in symptoms over baseline levels in patients with fibromyalgia during phase 2b trial.

Syros Pharmaceuticals (SYRS) tumbled nearly 24% after the drug maker late Friday closed on its acquisition of Tyme Technologies (TYME), as well as wrapping up an oversubscribed $130 million private investment in a public equity transaction with new and existing shareholders, including founding investor Flagship Pioneering.

Valneva (VALN) slid 17% after the French biotech company late Friday said it was terminating its collaboration with privately held IDT Biologika to mass-produce Valneva's VLA2001 COVID-19 vaccine after the European Commission reduced its advance purchase order. Under terms of the companies' November 2021 partnership, Valneva will pay up to 36.2 million euros ($36.3 million) in cash to IDT to scrap the deal and will also contribute 4.5 million euros of in-kind services to the German drug manufacturer.

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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