Sector Update: Health Care Stocks Slide in Afternoon Trading

MT Newswires Live03-11

Health care stocks were lower Tuesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each falling about 1.5%.

The iShares Biotechnology ETF (IBB) dropped 2.6%.

In corporate news, Guardant Health (GH) was up about 16% after the Centers for Medicare & Medicaid Services approved Advanced Diagnostic Laboratory Test status for its Shield blood test for colorectal cancer screening.

Quanterix (QTRX) shareholder Kent Lake said it opposed the firm's proposed deal with Akoya Biosciences (AKYA). Quanterix was up 2%, and Akoya gained 3.3%.

Arvinas (ARVN) and Pfizer (PFE) said a phase 3 trial of vepdegestrant to treat advanced or metastatic breast cancer met its primary endpoint in the estrogen receptor 1-mutant population, but didn't reach statistical significance in progression-free survival improvement in the intent-to-treat population. Arvinas tumbled 51%, and Pfizer was down 2.5%.

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