Sector Update: Health Care Stocks Decline Late Afternoon

MT Newswires Live01-07 05:02

Health care stocks were lower late Monday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) easing 0.1%.

The iShares Biotechnology ETF (IBB) added 0.1%.

In corporate news, Predictive Oncology (POAI) shares surged past 55% after it agreed to be acquired by Renovaro (RENB) in an all-stock deal. Renovaro shares popped 10%.

Citius Pharmaceuticals' (CTXR) majority-owned subsidiary Citius Oncology (CTOR) said it has retained Jefferies as a financial advisor to evaluate possible strategic alternatives. Citius Pharmaceuticals shares were down 2.3% and Citius Oncology jumped 18%.

Revance Therapeutics (RVNC) shares jumped 12%. The company has received a new buyout proposal from Teoxane Laboratories, offering $3.60 per share in cash, topping a bid from Crown Laboratories of $3.10 per share.

Regional Health Properties (RHE) and SunLink Health Systems (SSY) have agreed to merge in an all-stock deal. Regional shares soared 120% and SunLink surged 16%.

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