Sector Update: Health Care Stocks Mixed Pre-Bell Monday

MT Newswires Live2024-12-02

Health care stocks were mixed pre-bell Monday as the iShares Biotechnology ETF (IBB) was up 0.2% and the Health Care Select Sector SPDR Fund (XLV) was 0.1% lower recently.

PTC Therapeutics (PTCT) shares advanced by over 17% after the company said it signed an exclusive global license and collaboration agreement for its PTC518 Huntington's disease program with a subsidiary of Novartis (NVS), and will receive a $1 billion upfront payment.

Zai Lab (ZLAB) and NovoCure (NVCR) said their phase 3 trial evaluating TTFields along with gemcitabine and nab-paclitaxel as a treatment for unresectable, locally advanced pancreatic adenocarcinoma achieved its primary endpoint, demonstrating a "statistically significant" improvement in median overall survival. NovoCure shares rose past 45% premarket.

Olema Pharmaceuticals (OLMA) shares were nearly 9% higher after the company said it has launched a clinical trial collaboration and supply agreement with Novartis (NVS) for a frontline metastatic breast cancer treatment.

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