Home Medical stocks Sector Update: Health Care Stocks Declining as Biotechs Weigh on Sector

Sector Update: Health Care Stocks Declining as Biotechs Weigh on Sector


Health care stocks were edging lower this afternoon, with the NYSE Health Care Index falling 0.3% while the SPDR Health Care Select Sector ETF was down 0.1%.

The Nasdaq Biotechnology index also was sinking 0.9%.

In company news, Repro-Med Systems (KRMD) dropped 15% after late Monday naming board member and former Medical Specialties Distributors executive chairman Jim Beck as interim CEO following the resignation of Don Pettigrew after nearly two years in the post. The move coincided with the portable medical device company also saying it generated about $24 million in FY20 revenue, up 3.4% over the prior year but still trailing the Capital IQ consensus expecting $25.2 million for the 12 months ended Dec. 31.

Rhythm Pharmaceuticals (RYTM) was 6.9% lower, easing from a more than 10% rise earlier Tuesday to a best-ever $43.23 a share that followed the drugmaker saying more than a third of the genetically obese patients treated with its setmelanotide medication lost a statistically significant 5% or more in weight after 12 weeks during phase II testing.

Among gainers, ElectroCore (ECOR) rose nearly 12% after the medical device company Tuesday said it has signed an exclusive, three-year agreement with RSK Medical to distribute its gammaCore Sapphire vagus nerve stimulator for headache disorders in Canada. The contract will begin as soon as the device is registered by Health Canada.

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