Health Care Declines as Retreat From Sector Continues - Health Care Roundup

Dow Jones11-20

Health-care companies fell as traders continued to rotate out of the sector.

Obesity drug makers such as Eli Lilly and Novo Nordisk are trying to persuade employers to cover the cost of their blockbuster weight-control drugs such as Mounjaro and Ozempic.

Novo Nordisk rose after the Danish giant launched its Wegovy weight-loss product in China.

Merck reported promising trial results for a new, easier-to-administer formulation of its blockbuster cancer drug Keytruda.

Incyte shares slid after the drug maker paused trial enrollment for a hives treatment, and discontinued development of another treatment for a skin condition.

Spanish drug maker Grifols said its board would hold an extraordinary meeting to review Brookfield Capital Partners' offer to take the company private, adding that its transaction committee considers the bid undervalued.

"Outsized selling pressure in biotech - the second largest subindustry group weighting within the [Russell 2000] index...weighed on small caps after select drug trials disappointed and President-Elect Donald Trump appointed Robert F. Kennedy Jr. as the Secretary of Health and Human Services," said Adam Turnquist, chief technical strategist at brokerage LPL Financial.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

November 19, 2024 17:02 ET (22:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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