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.
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