Sector Update: Health Care Stocks Decline Monday Afternoon

MT Newswires Live12-17

Health care stocks were lower Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.5%.

The iShares Biotechnology ETF (IBB) rose 0.9%.

In corporate news, President-elect Donald Trump told reporters his administration is going to "knock out" pharmacy benefit managers in an effort to bring down drug prices, Bloomberg reported. Shares of UnitedHealth (UNH), CVS Health (CVS) and Cigna (CI), which own the three largest pharmacy benefit managers, were falling 3.4%, 3.9% and 1.8% respectively.

Maia Biotechnology (MAIA) shares jumped over 8% after the firm said its investigational telomere-targeting agent THIO received a rare pediatric disease designation from the US Food and Drug Administration to treat pediatric-type diffuse high-grade gliomas.

Catalent (CTLT) and Novo Nordisk (NVO) said that they have completed all regulatory closing conditions for Novo's pending acquisition of Catalent. Catalent shares rose 0.6%, and Novo added 1.5%.

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