Sector Update: Health Care Stocks Rise in Late Afternoon Trading

MT Newswires Live12-21 04:57

Health care stocks advanced late Friday afternoon, with the NYSE Health Care Index up 0.2% and the Health Care Select Sector SPDR Fund (XLV) adding 1.6%.

The iShares Biotechnology ETF (IBB) climbed 1.5%.

In corporate news, Pfizer (PFE) said the US Food and Drug Administration approved a combination of its Braftovi cancer drug with Eli Lilly's (LLY) Erbitux and three other chemotherapies to treat patients with metastatic colorectal cancer. Pfizer shares rose 2.2%, and Eli Lilly added 2.1%.

RxSight (RXST) shares dropped 11% after Stifel downgraded the company's stock to hold from buy and cut its price target to $40 from $65.

Novo Nordisk (NVO) shares tumbled 17% after clinical trial results of the company's investigative weight loss drug fell short of its own expectations.

Synaptogenix (SNPX) shares jumped 16% after its board formed an independent special committee to explore strategic opportunities, including drug development platforms and new technologies and services.

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