Sector Update: Health Care Stocks Slipping in Afternoon Trading

MT Newswires Live07-02

Health care stocks were declining Monday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.6%.

The iShares Biotechnology ETF (IBB) fell 0.5%.

In corporate news, Tracon Pharmaceuticals (TCON) said it's ending further development of envafolimab after a pivotal trial failed to meet the primary endpoint needed to support a biologics license application. The company said it's exploring strategic alternatives. Its shares tumbled 10% in recent trading.

The Federal Trade Commission has opened an investigation into Teva Pharmaceutical Industries' (TEVA) alleged refusal to remove roughly 24 patents for its asthma and chronic obstructive pulmonary disease inhalers, the Washington Post reported. Teva shares were rising 0.9%.

Merit Medical Systems (MMSI) shares fell 0.5%. The company said Monday it has signed an asset purchase deal with EndoGastric Solutions to buy EndoGastric's EsophyX Z+ device for about $105 million in cash.

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