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Health Care Sector Update for 06/17/2020: MGEN,NVAX,AZN,CEMI

Health care stocks also were rising, with the NYSE Health Care Index posting a 0.7% gain while the SPDR Health Care Select Sector ETF was up 0.5%.

The Nasdaq Biotechnology index also was climbing 1.2% this afternoon.

In company news, Miragen (MGEN) raced almost 48% higher after the genetic therapies company late Tuesday said it would discuss “encouraging new preclinical safety and efficacy data” for its MRG-229 drug candidate to treatidiopathic pulmonary fibrosis during a June 23 conference call with analysts and investors.

Novavax (NVAX) climbed more than 11% after the company Wednesday named Filip Dubovsky as its new chief medical officer. Dubovsky joins Novavax from AstraZeneca (AZN), where he was the deputy chief medical officer and head of its clinical engagement operations and previously guided clinical testing for the drugmaker’s MedImmune biologics subsidiary.

Chembio Diagnostics (CEMI) tumbled nearly 61% after Wednesday saying the US Food and Drug Administration revoked the emergency use authorization for the company’s COVID-19 antibody test when data from independent evaluations showed a larger-than-expected rate of false results. The agency also said it was unlikely the potential benefits of the test would outweigh potential risks.

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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