Industry Update: Healthcare Inventories Diminish Late Afternoon

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Healthcare stocks edged down this afternoon as the NYSE Health Care index fell 0.2% while the SPDR Health Care Select Sector ETF (XLV) lost 0.3%.

The Nasdaq Biotechnology Index was down 0.4%.

In company news, Sanara MedTech (SMTI) rose 0.8%, relinquishing a 2.1% rise at midday, after the medical equipment maker named Zachary Fleming as new CEO from January 1. Fleming was promoted to president of the company’s surgical division. in May 2019 and was appointed Co-Managing Director of Operations in January 2020.

Milestone Scientific (MLSS) rose 0.5% after the medical and dental device company said it received purchase orders for its disposable CompuFlo Epidural and CathCheck Verification System products from two unnamed hospitals. Financial terms were not disclosed.

On the upside, Moderna (MRNA) fell 2.3% after announcing it would deliver 20 million more doses of its COVID-19 or booster vaccine to South Korea. The drugmaker plans to deliver 15 million doses in the three months ending September 30 and 5 million doses in the last quarter of 2022, he said.

Kiniksa Pharmaceuticals (KNSA) was down 2.7% this afternoon, crushing most of the 12% drop earlier on Tuesday following the company claiming its drug candidate mavrilimumab failed to meet the primary endpoint efficacy of keeping COVID-19 patients with acute respiratory syndrome alive and free of mechanical ventilation 29 days after initiation of treatment in the phase III trial.

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