Health Care Sector Update for 09/22/2022: LLY, LUNA, ISRG, MDWD

Health care stocks were mostly higher this afternoon, with the NYSE Health Care Index rising 0.5% while the SPDR Health Care Select Sector ETF (XLV) was up 0.6%.

The Nasdaq Biotechnology index, however, was sinking 0.8%.

In company news, Eli Lilly (LLY) rose by 4.3% after the US Food and Drug Administration approved its Retevmo cancer medication for use in adult patients with locally advanced or metastatic solid tumors with a rearranged during transfection gene fusion. Lilly shares also were getting a boost Thursday from an UBS upgrade to buy from neutral coupled with a $28 increase in its price target for the company's stock to $363.

Luna Innovations (LUNA) added 3.9% after the optical testing and measurement company Thursday announced a new contract valued at around $14.2 million to supply Intuitive Surgical (ISRG) with photonic subsystems for surgical systems. Intuitive shares were 2.6% lower this afternoon.

MediWound (MDWD) dropped 22% after the tissue-repairs company plans a $13.3 million direct offering of about 7.6 million shares at $1.75 apiece along with a $17.2 million private placement of nearly 9.9 million pre-funded warrants also priced at $1.75 each. Investors in both deals also will receive an equal number of four-year warrants to buy another share exercisable at $1.93 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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