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Health Care Sector Update for 05/13/2020: PGNY,TPTX,SDGR

Health care stocks were paring some of their earlier declines, with the NYSE Health Care Index dropping about 0.7% while the SPDR Health Care Select Sector ETF was down 1.4%.

The Nasdaq Biotechnology index was climbing 2.1%.

In company news, Progyny (PGNY) climbed more than 24% after the health care benefits manager late Tuesday reported Q1 net income of $0.04 per share, up from $0.01 during the year-ago period and beating the Capital IQ consensus by $0.02. Revenue increased 71.6% year-over-year to $81 million, exceeding the $71.81 million Street view.

Turning Point Therapeutics (TPTX) rose more than 6% after the precision oncology company said the US Food and Drug Administration (FDA) has designated its repotrectinib investigational treatment for advanced ROS1-positive non-small cell lung cancer patients for a fast-track review. The company also narrowed its Q1 net loss to $1.69 per share GAAP from a $3.97 loss during the same quarter last year.

Schrodinger (SDGR) dropped almost 12% after the drug discovery firm reported a Q1 net loss of $0.34 per share, improving on a $0.98 loss during the same quarter last year but trailing the Capital IQ consensus for a $0.25 loss.

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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