Sector Update: Health Care Stocks Advance Wednesday Afternoon

MT Newswires Live03:00

Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each up about 0.8%.

The iShares Biotechnology ETF (IBB) added 0.6%.

In corporate news, Eyenovia (EYEN) shares sank more than 24% after the company reported talks over a potential restructuring.

Aptevo Therapeutics (APVO) shares jumped 6% after the company said the first patient with acute myeloid leukemia dosed in a phase 1b/2 trial evaluating its mipletamig immune-oncology candidate together with standard of care venetoclax and azacitidine achieved a 90% reduction in leukemic blasts within the first 30 days of treatment.

Johnson & Johnson (JNJ) and Merck (MRK) are cutting jobs in China amid growing competition from domestic rivals, Bloomberg reported. Johnson & Johnson shares were down 0.2%, and Merck was adding 0.9%.

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