Fortress Biotech Inc FBIO:NASDAQ

Last Price$1.14NASDAQ Closing Price as of 4:00PM ET 8/19/22
NASDAQ 15-minute delayed Bid/Ask Quotes
Today's Change-0.04(3.39%)
Bid (Size)$1.11 (11)
Ask (Size)$1.15 (12)
Day Low / High$1.12 - 1.24
Volume244.6 K

Sector Update: Health Care Stocks Stumble Through Tuesday Trading

4:12PM ET 5/31/2022 MT Newswires
Health care stocks continued to lose ground Tuesday afternoon, with the NYSE Health Care Index sinking 1.2% and the SPDR Health Care Select Sector ETF (XLV) down by 1.4%.

The Nasdaq Biotechnology index was down 3.2% in late trading.

In company news, Silk Road Medical (SILK) climbed 2.9% after the medical device company Tuesday said it has negotiated a new, five-year loan with Oxford Finance consisting of a $200 million, five-year term loan and up to $50 million in additional borrowing through a revolving line of credit also maturing in five years.

Insulet (PODD) declined 9.3% on Tuesday after DexCom (DXCM) tried to squash market speculation it was pursuing a potential acquisition of the insulin-delivery device manufacturer, stating it was "not in active discussions regarding a merger transaction at this time." Insulet shares rose 8.5% last week after Bloomberg, citing unnamed sources, said a deal was possible "in the coming weeks." Dexcom was rising 3.1% in late trading.

Mesa Laboratories (MLAB) fell 4% after the medical disposables company reported a net loss of $0.34 per share for its Q4 ended March 31, reversing a $0.74 per share profit during the year-ago quarter and trailing the three-analyst mean expecting Q4 earnings of $0.48 per share on a GAAP basis.

Fortress Biotech (FBIO) slid 5.3% after Tuesday saying it dosed the first patient in a Phase I trial of its Dotinurad drug candidate to treat gout. Fortress struck a licensing deal in May 2021 with Fuji Yakuhin to commercialize Dotinurad in North America and Europe after Japanese regulators in 2020 approved it as a once-daily oral therapy for gout and hyperuricemia.