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Health Care Sector Update for 07/21/2020: LXRX,IMRN,MTP

Health care stocks were moderately higher this afternoon, with the NYSE Health Care Index rising 0.5% while the SPDR Health Care Select Sector ETF was up 0.3%.

The Nasdaq Biotechnology index was falling 1.6% this afternoon.

In company news, Lexicon Pharmaceuticals (LXRX) still was 1% higher, giving back much of an early 38% advance after the company reported positive topline data from phase III testing of its sotagliflozin drug candidate, with the prospective treatment for type 2 diabetes matching its primary endpoint in all four late-stage trials.

Immuron (IMRN) soared 63% this afternoon, backing down from a 105% gain earlier Tuesday, after the Australian immunotherapy company said its IMM-124E product candidate showed neutralizing activity against the SARS-CoV-2 coronavirus that causes COVID-19. The company Tuesday also began a $20 million direct offering of around 1.1 million of its American depositary shares priced at $18.75 each, or about 80.1% above Monday’s closing price.

Midatech Pharma (MTP) more than tripled in price on Tuesday after the firm said it plans to collaborate with a European affiliate of a global pharmaceuticals company to use its Q-Sphera drug-discovery platform to develop new assets for the drugmaker.

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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