Sector Update: Health Care Stocks Retreat Late Afternoon

MT Newswires Live11-05

Health care stocks fell late Monday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both shedding 0.7%.

The iShares Biotechnology ETF (IBB) rose 0.3%.

In corporate news, Nuwellis (NUWE) shares almost doubled after the Centers for Medicare and Medicaid Services almost quintupled the reimbursement rate for the company's Aduadex SmartFlow therapy, effective Jan. 1.

KalVista Pharmaceuticals (KALV) shares jumped 11%. The company closed a royalty financing deal with DRI Healthcare Trust for up to $179 million.

BioNTech (BNTX) expects full-year revenue at the low end of guidance due in part to inventory writedowns, even as variant-adapted COVID-19 vaccines helped boost Q3 results. The shares fell 1.7%.

PACS (PACS) shares tumbled 32% following a report by short-seller Hindenburg Research.

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