U.S. biotech stocks faced pressure Tuesday as renewed trade tensions between the United States and Canada, alongside rising oil prices, weighed on investor sentiment. The SPDR S&P Biotech ETF (XBI), a broad benchmark for the U.S. biotechnology sector, fell 1.15% during regular trading but gained 0.09% in the overnight session.
Among the overnight movers, several biotechnology and pharmaceutical companies posted notable gains.
Modular Medical Inc. (MODD), a medical device company, surged more than 13% in overnight trading after declining sharply during the regular session Tuesday. The company plans to introduce its next-generation Pivot tubeless patch pump in Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia beginning in October 2026. The insulin-delivery system is intended to provide people requiring intensive insulin therapy with greater flexibility and easier access.
Modular Medical is scheduled to attend the iAccess Alpha Virtual Best Ideas Fall Investment Conference 2026 on September 15-16, 2026.
MODD closed Tuesday at $2.82, a decline of 23.37%. In overnight trading, the shares rose 13.48% to $3.20.
Jin Medical International Ltd. (ZJYL), a Chinese provider of rehabilitation medical equipment, advanced more than 20% overnight without a specific company-related catalyst.
Jin Medical reported financial results for the six months ended March 31, 2026, last month. The company posted a net loss of $0.2 million for the period, compared with net income of $0.01 million in the same period of the prior year. Revenue fell 9.7% year over year to $8.9 million from $9.9 million.
ZJYL closed Tuesday at $2.02, down 2.88%, before climbing 20.79% overnight to $2.44.
InnovAge Holding Corp. (INNV) rose nearly 10% in overnight trading following the release of its fourth-quarter and full-year financial results for the period ended June 30, 2026.
InnovAge provides comprehensive healthcare programs for frail older adults who are predominantly eligible for both Medicare and Medicaid through the Program of All-inclusive Care for the Elderly, known as PACE.
For the fiscal year ended June 30, 2026, revenue increased 15.9% year over year to $989.7 million from $853.7 million in fiscal 2025. The company’s net loss attributable to InnovAge Holding narrowed to $2.5 million, or $0.02 per share, from $30.3 million, or $0.22 per share, a year earlier.
For fiscal 2027, InnovAge expects revenue of between $1.05 billion and $1.085 billion.
INNV closed Tuesday at $10.52, down 2.14%, before gaining 9.51% overnight to $11.52.
Pyxis Oncology (PYXS) is poised to release an important clinical update as investors await new data on its lead oncology candidate, Micvotabart pelidotin (MICVO).
The clinical-stage biotechnology company plans to hold a live webcast at 7:30 a.m. ET on September 9, 2026, presenting updated results from its ongoing Phase 1 monotherapy study of MICVO in patients with second-line-or-later recurrent or metastatic head and neck squamous cell carcinoma, or R/M HNSCC. The cancer type has limited treatment options and substantial unmet medical needs.
PYXS closed Tuesday at $3.89. In overnight trading, the shares rose more than 5% to $4.11.
Pulse Biosciences Inc. (PLSE), a developer of bioelectric medicine, lost more than 2% in overnight trading.
The company reported second-quarter results for the period ended June 30, 2026, last month. Non-GAAP net loss for the quarter was $19.4 million, compared with $13.7 million in the second quarter of 2025. Revenue was $0.4 million as Pulse continued operating under a controlled commercial launch.
Pulse Biosciences began generating product revenue in the third quarter of 2025 following the first commercial sale of its Vybrance Percutaneous Electrode System.
The company is conducting NANOPULSE-AF, a prospective, multicenter IDE pivotal study evaluating its nPulse Cardiac Catheter System for recurrent, drug-resistant, symptomatic paroxysmal atrial fibrillation. More than 82 evaluable patients have been enrolled, placing the study past halfway enrollment. Pulse expects to complete recruitment in early fourth quarter 2026, approximately three months ahead of schedule.
Another study, NANOCLAMP-AF, is evaluating the safety and efficacy of the nPulse Cardiac Surgical System for treating atrial fibrillation during concomitant cardiac procedures. The prospective, single-arm, multicenter study is expected to complete enrollment by the end of the first half of 2027.
On the regulatory front, Pulse Biosciences plans to submit its nPulse Cardiac Catheter System for a CE Mark in the second half of 2026. The system uses nanosecond pulsed field ablation, or nsPFA, technology to treat atrial fibrillation. The company also aims to file for CE Mark approval of its nPulse Cardiac Surgical System before the end of 2026.
PLSE closed Tuesday at $48.79, down 8.36%, before declining another 2.48% overnight to $47.58.
Dermata Therapeutics Inc. (DRMA), which develops and markets direct-to-consumer skincare products, gained more than 7% overnight Tuesday despite no new company-specific announcement.
The company announced the official commercial launch of Tome Foundational Treatment on August 25, 2026, making it the first product available through Dermata’s Tome skincare brand. The once-weekly treatment is designed to improve the appearance of skin, including tone and texture, over time.
Dermata described the launch as an important milestone. Management expects the product to begin generating revenue while the company continues building long-term shareholder value.
DRMA closed Tuesday at $1.25, up 3.31%, before rising 7.20% overnight to $1.34.
Dogwood Therapeutics (DWTX), a development-stage biopharmaceutical company focused on first-in-class, non-opioid treatments for pain and neuropathic disorders, advanced more than 7% after hours Tuesday.
Dogwood’s lead candidate, Halneuron, is in Phase 2b development for pain conditions, including chemotherapy-associated neuropathic pain. The trial has enrolled 217 patients, and management expects to report top-line results in fall 2026.
DWTX closed Tuesday at $2.04, down 11.69%, before gaining 7.33% after hours to $2.18.
