Sector Update: Health Care Stocks Slipping Late Afternoon

MT Newswires Live2024-12-03

Health care stocks were easing late Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each down 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.4%.

In corporate news, Revolution Medicines (RVMD) shares tumbled past 9% after the company presented preliminary data for its RMC-6236 and RMC-6291 drug candidates in people with several forms of cancer.

Grifols (GRFS) shareholder Mason Capital Management's co-founder Kenneth Garschina is seeking a Grifols board revamp and a seat at the table, replacing Tomas Daga, Garschina told Bloomberg in an interview. Grifols shares rose 1.5%.

PTC Therapeutics (PTCT) signed a licensing deal with Novartis (NVS) unit Novartis Pharmaceuticals worth up to $2.9 billion for PTC518, its candidate treatment for Huntington's disease. PTC shares jumped 19% and Novartis was down 0.9%.

Senti Biosciences (SNTI) shares soared 377%. The company said Monday that two of three acute myeloid leukemia patients treated with its Senti-202 investigational cell therapy for blood cancers achieved complete remission in a phase 1 trial.

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