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Health Care Sector Update for 05/29/2020: IOVA,PHIO,SNOA,CGC,WEED.TO

Health care stocks were higher into Friday’s closing bell, with the NYSE Health Care Index climbing 0.3% while the SPDR Health Care Select Sector ETF was up 0.6% this afternoon.

The Nasdaq Biotechnology index also was 0.9% higher in late trade.

In company news, Iovance Biotherapeutics (IOVA) was ending 2% lower this afternoon, giving back a narrow gain earlier Friday that followed the immuno-oncology therapy company pricing a $525 million public offering of its common stock and also presenting additional positive data for its lifileucel drug candidate in patients with advanced melanoma. Iovance sold more than 16.9 million of its common shares priced at $31 apiece, or about 5.1% under Thursday’s closing price for the company’s stock.

Phio Pharmaceuticals (PHIO) rose more than 36% after the biopharmaceutical company reported data showing its Intasyl product pipeline has significant potential to treat solid tumors by overcoming immunosuppressive tumor microenvironment and reprogramming T cells in the bloodstream to inhibit tumor growth.

Sonoma Pharmaceuticals (SNOA) climbed more than 262% at one point during Friday trading, touching its highest share price since August 2018 at $19.60 apiece. It said its Nanocyn disinfectant and sanitizer has been included in the Australian Register of Therapeutic Goods for use against COVID-19.

Canopy Growth (CGC) plunged more than 20% after the Canadian cannabis company reported a CAD3.72 per share net loss for its fiscal Q4 ended March 31, expanding on a CAD1.10 loss during the same quarter last year and missing the Capital IQ consensus for a GAAP net loss of CAD0.42 per share. Revenue rose 8.1% over year-ago levels to CAD15.1 million but missed the CAD129.6 million analyst mean.

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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