Sector Update: Health Care Stocks Gain in Late Afternoon

MT Newswires Live06-22

Health care stocks gained late Friday afternoon with the NYSE Health Care Index up 0.2% and the Health Care Select Sector SPDR Fund (XLV) adding 0.3%.

The iShares Biotechnology ETF (IBB) rose 1.1%.

In corporate news, Iterum Therapeutics (ITRM) shares jumped 6.5% after the US Food and Drug Administration referred its new drug application for oral sulopenem to an advisory committee.

Lexicon Pharmaceuticals (LXRX) gained 6.6% after the company resubmitted its new drug application for sotagliflozin to supplement insulin therapy for people with type 1 diabetes and chronic kidney disease, following multiple consultations with the FDA.

Sharecare (SHCR) surged 76% after the company agreed to be acquired by an Altaris affiliate.

Sarepta Therapeutics (SRPT) received a label expansion from the FDA for Elevidys to treat ambulatory Duchenne muscular dystrophy, marking a "best-case scenario" and exceeding expectations, BofA Securities said in a report. BofA boosted Sarepta's price target to $213 from $166 and kept the buy rating. Analysts including RBC, Barclays, Oppenheimer and Baird also increased their price targets. Sarepta shares soared 31%.

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