Sector Update: Health Care Stocks Rise in Afternoon Trading

MT Newswires Live01:49

Health care stocks were higher in Friday afternoon trading, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.5%.

The iShares Biotechnology ETF (IBB) was up 0.2%.

In corporate news, Silo Pharma (SILO) shares jumped more than 11%. The company said Friday it has agreed to collaborate with Kymanox to design and develop a subcutaneous insertion device for SP-26, its ketamine-loaded implant for the potential treatment of fibromyalgia and chronic pain.

Grifols (GRFS) shares sank past 13%. The company is in talks with banks to extend a $1 billion revolving credit facility and refinance 370 million euros ($390.3 million) in bonds due 2025, Bloomberg reported Thursday, citing an interview with Chief Executive Nacho Abia.

Applied Therapeutics (APLT) shares plunged 75%. The company said late Wednesday that the US Food and Drug Administration issued a complete response letter indicating the health regulator's decision not to approve a new drug application for govorestat to treat classic galactosemia.

Evotec (EVO) shares dropped 3.1% after the company said Friday that Craig Johnstone will step down as chief operating officer and leave the company, effective Dec. 31.

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