Sector Update: Health Care Stocks Rise Late Afternoon

MT Newswires Live10-29

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

The iShares Biotechnology ETF (IBB) gained 0.9%.

In corporate news, PROCEPT BioRobotics (PRCT) shares surged past 31% after the company released Q3 results that were above market expectations and raised its revenue outlook for 2024.

Monte Rosa Therapeutics (GLUE) shares soared 98%. The company said Monday that it signed a global development and commercialization license agreement with Novartis (NVS) for VAV1-directed molecular glue degraders, including MRT-6160. Novartis shares rose 1.7%.

Vera Therapeutics (VERA) shares jumped past 15% after the company disclosed long-term efficacy and favorable safety data from its phase 2b trial of kidney disease treatment candidate atacicept.

Royal Philips (PHG) shares tumbled past 16%. The company cut its full-year comparable sales growth outlook amid a substantial drop in demand in China, while Q3 earnings were little changed.

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