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Health Care Sector Update for 06/15/2020: NVAX,BBI,BYSI,LLY

Health care stocks were ending mixed this afternoon, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF was down 0.3%.

The Nasdaq Biotechnology index also was climbing 1.2% in recent trade.

In company news, Novavax (NVAX) was 12% higher in late Monday trading after earlier announcing a $200 million private placement of Series A convertible preferred stock with RA Capital Management. The new funding will be combined with money previously received by the biopharmaceuticals company from the US Department of Defense and the Coalition for Epidemic Preparedness Innovations to further develop its COVID-19 vaccine candidate.

Brickell Biotech (BBI) soared 46% after the firm said on Monday its sofpironium bromide product candidate to treat excessive sweating met all of its primary and secondary endpoints during phase III testing conducted by its Japanese partner company. The Kaken Pharmaceuticals study found sofpironium bromide gel produced lower patient scores on the hyperhidrosis disease severity scale and the gravimetric sweat production scale compared with patients who were treated with a placebo.

BeyondSpring (BYSI) rose more than 6% after the immuno-oncology therapies company Monday said a combination of its Plinabulin drug candidate with Amgen’s (AMGN) Neulasta synthetic protein worked to prevent reduced levels of white blood cells in cancer patients following chemotherapy than Neulastra alone during phase III testing.

Eli Lilly and Co. (LLY) declined 2%. The company Saturday said new data showed its Trulicity diabetes medication produced significantly higher adherence and longer persistence in patients with type 2 diabetes compared with weekly injections of semaglutide or exenatide. There also were fewer people who discontinued treatment with Trulicity than the other two drugs.

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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