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Health Care Sector Update for 05/08/2020: PSTI,ZOM,QRVO,GLPG

Health care stocks were rising in recent trade, with the NYSE Health Care Index climbing 0.9% while the SPDR Health Care Select Sector ETF was up 0.6%.

The Nasdaq Biotechnology index also was posting a 0.4% gain this afternoon.

In company news, Pluristem Therapeutics (PSTI) rose more than 16% after saying the US Food and Drug Administration has approved phase II testing of the company’s PLX cells in patients with acute respiratory distress syndrome associated with COVID-19 infections. The upcoming double-blind, placebo-controlled trial will evaluate the safety and efficacy of either one or two injections of PLX cells among 140 COVID-19 patients on mechanical ventilators with a primary endpoint measuring the number of ventilator-free days after 28 days of treatment.

Zomedica Pharmaceuticals (ZOM) was 7% lower this afternoon, reversing an early 30% advance that followed electronic components manufacturer Qorvo (QRVO) late Thursday saying it used its acoustic resonator technology to complete an initial assay with Zomedica’s Truforma point-of-care veterinary diagnostics platform. The companies signed a supply and development agreement in 2018, with Qorvo applying its expertise with radio-frequency devices and microfluidics to develop the experimental testing device for animals while Zomedica is responsible for its validation, marketing and sales.

Galapagos NV (GLPG) fell 4.6% after late Thursday reporting a normalized Q1 net loss of $0.78 per share, improving on an $0.89 per share adjusted loss during the same quarter last year but still missing the Capital IQ consensus looking for a $0.44 per share loss. Revenue rose to $105.9 million from $40.9 million during the year-ago period but also lagged the $115.10 Street view.

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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