Key takeaways
- Axogen gained 29.98% and Genmab 28.97% in late-morning trading on October 28, leading a strong group of healthcare movers.
- Fresh earnings from Axogen, Labcorp and GE HealthCare provide operating evidence; Genmab’s recent clinical disclosures present a different kind of catalyst.
- CVS and Cigna were slightly lower, showing why strength among selected biotech and diagnostics stocks should not be treated as a rally in every healthcare business.
Healthcare stocks were producing some striking gains Wednesday, with nerve-repair specialist Axogen and antibody developer Genmab near the front. The opportunity is broader than a single drug or technology: investors have new earnings, updated guidance and clinical developments to evaluate. The crucial distinction is between demonstrated commercial progress and expectations that still need testing.
At approximately 11:34 ET on October 28, Axogen (AXGN) traded at $48.69 and Genmab’s U.S.-listed shares (GMAB) at $57.61. All daily changes below use Nasdaq market data against October 27’s close. These are selected movers, not a measure of the entire sector’s participation, and the session was still open.
Axogen’s growth comes with integration checks
Axogen’s third-quarter report released Wednesday gives its rally a concrete operating backdrop. Revenue reached $75.8 million, up 26.2% year over year. GAAP earnings were $0.04 per share, while adjusted earnings were $0.21; those measures should not be confused.
Management raised its full-year revenue outlook to at least $290 million, including at least $7 million from the BioCircuit acquisition. Excluding that acquisition, expected organic revenue is at least $283 million. That distinction matters: acquired sales can help growth, but investors should also check the existing business and integration costs.
Gross margin declined to 74.8% from 76.6% a year earlier. Strong demand therefore does not remove the margin question. The next checks are commercial execution, integration and delivery against management’s positive free-cash-flow expectation. A prostate-program update is scheduled for November 9 at 09:00 ET.
Genmab’s clinical progress needs fuller detail
Genmab has a different setup. Its October 23 announcement said the Phase 3 RAINFOL-02 study of investigational Rina-S met its progression-free-survival primary endpoint and overall-survival secondary endpoint in platinum-resistant ovarian cancer, compared with investigator-selected chemotherapy.
That is meaningful company-reported progress, but a positive headline is not regulatory approval. Investors still need the magnitude of benefit, safety findings, follow-up and the regulatory path. The earlier announcement provides context for today’s gain; it does not establish that it alone caused the move.
Genmab lists an investor event for noon ET on October 28 to review recent data, with its next financial-results call scheduled for November 5 at noon ET. Those events can clarify both development prospects and the resources required to pursue them.
The rally extends beyond drug developers
Labcorp (LH) rose 10.42% after reporting Wednesday that third-quarter revenue grew 6.9% and adjusted EPS grew 14.5%. It raised full-year guidance. GE HealthCare (GEHC) gained 8.38% alongside results showing 7.2% revenue growth, adjusted EPS of $1.34 and higher full-year guidance. Here, orders, margins and cash generation offer different evidence from a clinical-trial readout.
Other notable moves show the range of businesses attracting interest:
- Discovery and research platforms: Schrödinger (SDGR) +14.60%, Generate Biomedicines (GENB) +10.64%, Absci (ABSI) +9.22% and Recursion (RXRX) +8.89%.
- Research tools and services: 10x Genomics (TXG) +10.74%, Twist Bioscience (TWST) +10.53%, ICON (ICLR) +8.89% and Fortrea (FTRE) +5.16%.
- Testing and eye care: GeneDx (WGS) +6.60%, Castle Biosciences (CSTL) +6.26%, Tempus AI (TEM) +5.45%, Bausch + Lomb (BLCO) +9.73% and Ocular Therapeutix (OCUL) +7.29%.
- Other therapeutics developers: Replimune (REPL) +11.95%, Palvella Therapeutics (PVLA) +6.67% and Intellia Therapeutics (NTLA) +5.90%.
These gains do not prove a new clinical or commercial breakthrough at every company. Schrödinger’s November 4 earnings call at 16:30 ET, for example, offers a forthcoming check on software demand and development spending. For clinical-stage businesses, trial execution and funding requirements remain essential even when shares rise.
What this means for portfolio holdings
The published Real-Money Portfolio holds CVS Health (CVS) and Cigna (CI), whose economics differ from those of drug developers. CVS was down 0.29% and Cigna 0.01% at the same observation time.
CVS reports November 4, with a call at 08:00 ET; Cigna follows November 5 at 08:30 ET. Watch medical-cost trends, insurance margins, pharmacy-services performance and guidance. Higher treatment demand can support providers and diagnostics companies while increasing costs for insurers; it is not automatically positive for both sides.
Bottom line
Wednesday’s leaders combine genuine operating progress with expectations around future clinical and commercial milestones. The stronger research case comes from matching each price move to the right evidence—and checking margins, safety, financing and guidance where relevant. A large intraday gain alone does not establish a durable recovery or an attractive valuation.
Research only, not investment advice.