Sector Update: Health Care Stocks Decline Late Afternoon

MT Newswires Live02-14

Health care stocks were lower late Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.9%.

The iShares Biotechnology ETF (IBB) eased 0.2%.

In corporate news, enGene (ENGN) shares fell past 7% after UBS downgraded the stock to neutral from buy and cut its price target to $7 from $34.

Moderna (MRNA) reported a Q4 loss of $2.91 per share, worse than the $2.83 loss expected in a FactSet poll. Revenue was $966 million, better than the consensus estimate of $942.8 million. Its shares gained about 4%.

OS Therapies (OSTX) shares jumped 12%. The firm said it signed agreements for the commercial-ready manufacturing of OST-HER2 to support anticipated Biologics Licensing Authorization filing.

West Pharmaceutical Services (WST) shares popped past 7%. Deutsche upgraded the stock to buy from hold while lowering its price target to $250 from $275.

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