Sector Update: Health Care Stocks Gain Monday Afternoon

MT Newswires Live02-24

Health care stocks were higher Monday afternoon, with the NYSE Health Care Index rising 0.9% and the Health Care Select Sector SPDR Fund (XLV) climbing 1%.

The iShares Biotechnology ETF (IBB) advanced 0.4%.

In corporate news, Amgen (AMGN) will invest an initial $200 million this year in its new technology center in southern India, Reuters reported, citing Chief Executive Robert Bradway. Amgen confirmed the plans in a statement sent to MT Newswires, saying that the investment would back the acceleration of its digital capabilities through AI and data science. Amgen shares rose 2.3%.

Invivyd (IVVD) sank 24% after the firm said the US Food and Drug Administration rejected its request to expand the existing emergency use authorization for Pemgarda to include treatment of mild-to-moderate COVID-19 in immunocompromised persons.

Summit Therapeutics (SMMT) shares fell 13% following its Q4 results.

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