Sector Update: Health Care Stocks Edge Higher Late Afternoon

MT Newswires Live12-14

Health care stocks were edging up late Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.1%.

The iShares Biotechnology ETF (IBB) shed 0.9%.

In corporate news, Bicycle Therapeutics (BCYC) shares plunged past 31% after it said topline data from a phase 1/2 trial of zelenectide pevedotin plus Merck's (MRK) pembrolizumab showed a 60% overall response rate in first-line metastatic urothelial cancer, in-line with existing therapies.

Candel Therapeutics (CADL) shares sank 30.6% in recent trading, a day after it priced a public offering of 10 million shares at $6 apiece and pre-funded warrants for about 3.3 million shares at $5.99 per warrant to raise about $80 million in gross proceeds.

Walgreens Boots Alliance's (WBA) potential buyer Sycamore Partners contacted banks including Bank of America (BAC), JPMorgan (JPM) and Wells Fargo (WFC) to finance a deal of over $10 billion, Sky News reported. Walgreens shares popped 6.8%.

Centene (CNC) stock is undervalued, now that the company has laid out building blocks on how to operate if enhanced affordable care act, or ACA, exchange subsidies expire after 2025, UBS said. UBS upgraded Centene to buy from neutral. Centene shares rose nearly 3%.

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