Health Care Sector Update for 04/03/2023: KRBP, ASND, ONCS, APLS, ILMN

Health care stocks were higher late Monday afternoon, with the NYSE Health Care Index rising 1% and the Health Care Select Sector SPDR Fund (XLV) up 1.1%.

The iShares Biotechnology ETF (IBB) gained 0.5%.

In company news, Kiromic BioPharma (KRBP) jumped over 26% after saying it submitted an Investigational new drug application to the US Food and Drug Administration to begin a phase 1 study to evaluate the use of deltacel with a tumor therapy to potentially treat non-small cell lung cancer.

Ascendis Pharma (ASND) shares were dropping over 32% after the US Food and Drug Administration found deficiencies in its new drug application for TransCon PTH in hypoparathyroidism, although it is yet to learn what the exact deficiencies are.

OncoSec Medical (ONCS) shares slumped over 49% after saying its phase 2 trial of TAVO-EP in combination with Keytruda in patients with advanced melanoma failed to achieve its primary endpoint.

Apellis Pharmaceuticals (APLS) is being eyed as a takeover target for larger drug companies, according to a Bloomberg News report. Apellis shares rose over 16%.

Illumina (ILMN) has been ordered by the US Federal Trade Commission to divest cancer test maker Grail to protect competition in the sector, the FTC said Monday. Illumina shares were down about 1.1%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.