The Nasdaq Biotechnology index was sinking 1.3%.
In company news, iCAD (ICAD) dropped more than 25% on Friday after the cancer diagnostics and treatment company reported Q2 results trailing Wall Street expectations. Excluding one-time items, it posted an $0.11 per share net loss for the three months ended June 30 on $7.8 million in revenue while analysts polled by Capital IQ had been looking for a $0.07 per share adjusted net loss on $9.2 million in revenue.
Progyny (PGNY) fell almost 13% after the fertility services company reported a 99.8% year-over-year increase in Q2 to $128.7 million although that still narrowly lagged the Capital IQ consensus expecting $129.3 million in revenue for the three months ended June 30. The revenue miss also upstaged better-than-expected Q2 earnings of $0.19 per share, reversing a $0.01 per share net loss during the same quarter last year and beating the analyst mean by $0.12 per share.
Quidel (QDEL) declined over 13% after the diagnostics company late Thursday reported non-GAAP Q2 net income of $0.75 per share, down from its $1.86 per share adjusted profit during the same quarter last year and trailing Wall Street expectations looking for non-GAAP net income of $1.19 per share.
Arena Pharmaceuticals (ARNA) was nearly 11% lower after overnight reporting a Q2 net loss of $2.40 per share, missing analyst expectations for a $2.17 per share net loss. The drugmaker generated no revenue during the three months ended June 30, also lagging the $740,000 Street view.
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