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Health Care Sector Update for 04/28/2020: SDC,IBIO,NBSE

Health care stocks were weighing on the broader US markets Tuesday afternoon, with the NYSE Health Care Index sinking 1.2% while the SPDR Health Care Select Sector ETF was down 1.4%. The Nasdaq Biotechnology index also was falling 1.3%.

In company news, SmileDirectClub (SDC) raced to an 17% gain after Tuesday saying it received a US patent for its SmileShop intellectual property, further strengthening the company’s teledentistry direct-to-consumer business model. The patent ensures no clear aligner competitor will be able to duplicate its business model for 18 years, the company said.

iBio (IBIO) surged almost 31% higher after the manufacturer said if its IBIO-200 vaccine candidate is approved for COVID-19, it could likely produce around 500 million doses annually at its facility in Texas.

NeuBase Therapeutics (NBSE) dropped 8.5% after the genetic medicines Tuesday priced a $31.5 million public offering of 5.25 million common shares at $6.00 apiece, or 26.6% under its most recent closing price. Unnamed NeuBase executives and board members participated in the stock sale, the company said.

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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