Sector Update: Health Care Stocks Retreat Monday Afternoon

MT Newswires Live07-16

Health care stocks fell Monday afternoon with the NYSE Health Care Index shedding 0.5% and the Health Care Select Sector SPDR Fund (XLV) down 0.4%.

The iShares Biotechnology ETF (IBB) was little changed, erasing earlier gains.

In corporate news, Edwards Lifesciences (EW) shares declined 2.1%. The company exercised an option to buy heart valve device maker Innovalve Bio Medical following an initial investment in 2017.

Artelo Biosciences (ARTL) shares jumped 4.7% after the company received a "Study May Proceed" notification from the US Food and Drug Administration on its investigational new drug application for ART26.12, a potential treatment for chemotherapy-induced peripheral neuropathy.

Lexeo Therapeutics (LXEO) shares tumbled 26% even after the company reported "positive" interim data from phase 1/2 trials of experimental gene therapy LX2006 to treat Friedreich ataxia cardiomyopathy.

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