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.
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