Sector Update: Health Care Stocks Decline in Late Afternoon Trading

MT Newswires Live06-29

Health care stocks were retreating late Friday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.4%.

The iShares Biotechnology ETF (IBB) fell 1%.

In corporate news, Accolade (ACCD) shares plunged 44% after Morgan Stanley halved the company's price target to $6 from $12 while keeping its equal-weight rating following its Q1 results and guidance. Truist also cut its price objective to $9 from $14.

FSD Pharma's (HUGE) former board chairman and chief executive owes more than $2.2 million, plus interest, to the company, after a federal court confirmed a November 2022 arbitration award. FSD Pharma shares were falling 4.5%.

Alumis (ALMS) shares fell 20% in their trading debut on Nasdaq Friday after the clinical-stage biopharmaceutical company priced its initial public offering of about 13.1 million shares at $16 per share.

CG Oncology's (CGON) cretostimogene immunotherapy to treat bladder cancer is expected to achieve over $4 billion in non-risk adjusted sales by 2037, BofA Securities said in a note. BofA started coverage of the company with a buy rating and a price objective of $65. CG Oncology shares popped 4.5%.

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