Home Medical stocks Sector Update: Health Care Stocks Posting Moderate Declines

Sector Update: Health Care Stocks Posting Moderate Declines

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Health care stocks were declining this afternoon, with the NYSE Health Care Index falling 0.7% while the SPDR Health Care Select Sector ETF also was down 0.4%.

The Nasdaq Biotechnology index was sinking 1.4%.

In company news, Avanos Medical (AVNS) fell 9.5% after the medical technology company Thursday reported non-GAAP net income of $0.28 per share, down from $0.34 per share during the final quarter of 2019 but still beating the Capital IQ consensus expecting a $0.22 per share adjusted profit. Revenue slipped 2.5% compared with year-ago levels, dropping to $185 million and also topping the $184.2 million analyst mean.

Hoth Therapeutics (HOTH) slid 6.1% after the specialty drugmaker Thursday said licensing partner Isoprene Pharmaceuticals will examine whether its HT-003 active pharmaceutical ingredient can be used to treat inflammatory bowel diseases, such as Crohn’s disease and ulcerative colitis after it showed anti-inflammatory properties by targeting the retinoic acid metabolism pathway. Hoth already is testing HT-003 as a potential treatment for acne and psoriasis.

Among winners, Integer Holdings (ITGR) climbed 9.3% after the medical device company reported non-GAAP Q4 net income of $0.71 per share, down from $1.25 per share during the year-ago period but still beating the Capital IQ consensus expecting a $0.61 per share adjusted profit. Revenue declined 17.3% year-over-year to $269 million, also exceeding the $267.8 million Street view.

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