Sector Update: Health Care Stocks Retreat Friday Afternoon

MT Newswires Live11-16 02:52

Health care stocks fell Friday afternoon with the NYSE Health Care Index declining 1.5% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.6%.

The iShares Biotechnology ETF (IBB) slumped 4.3%.

In corporate news, Moderna (MRNA) shares fell 6.4%, Pfizer (PFE) dropped 4.5% and Novavax (NVAX) shed 1.1% after US President-elect Donald Trump's nomination of anti-vaccination activist Robert F. Kennedy Jr. to lead the Department of Health and Human Services.

Halozyme Therapeutics (HALO) offered to buy German drugmaker Evotec (EVO) for 2 billion euros ($2.11 billion). Halozyme shares tumbled 14%, and Evotec jumped past 7.7%.

CERo Therapeutics (CERO) shares surged 62%. The US Food and Drug Administration cleared the company's investigational new drug application for a phase 1 trial of its lead compound CER-1236 to treat acute myelogenous leukemia.

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