Sector Update: Health Care Stocks Rise in Thursday Trading

MT Newswires Live2024-09-13

Sector Update: Health Care Stocks Rise in Thursday Trading

Health care stocks rose Thursday with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both up 0.4%.

The iShares Biotechnology ETF (IBB) was little changed.

In corporate news, Eli Lilly (LLY) shares gained 1.6%. The company said it's investing $1 billion to expand its manufacturing site in Limerick, Ireland, to increase production of biologic active ingredients, including those used for its treatment of early symptomatic Alzheimer's disease.

Monopar Therapeutics (MNPR) shares surged 65% after it reported positive early data from a phase 1 trial of MNPR-101-Zr to treat multiple types of cancer.

Moderna (MRNA) shares tumbled 12% after the company said it plans to cut research and development spending to save costs and prioritize the launch of new products in the pipeline.

Oncternal Therapeutics' (ONCT) shares plunged 58% after the company decided to discontinue its clinical studies, all product development activities, cut some staff and explore strategic alternatives.

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