Sector Update: Health Care Stocks Advance Late Afternoon

MT Newswires Live03-27

Health care stocks were higher late Thursday afternoon, with the NYSE Health Care Index up 0.3% and the Health Care Select Sector SPDR Fund (XLV) adding 0.4%.

The iShares Biotechnology ETF (IBB) rose 0.3%.

In corporate news, Pfizer (PFE) sold $20 billion of drugs to US patients in 2019, but reported zero taxable profits by claiming that 100% of the profits were earned offshore, according to the findings of an investigation conducted by Senate Finance Committee Ranking Member Ron Wyden, D-Oregon. Pfizer disputed the report, stating that it misrepresents the impact of the 2017 Tax Cut and Jobs Act. Pfizer shares were down 0.6%.

Regulus Therapeutics (RGLS) shares jumped 20%. The company said it completed a phase 1b trial of farabursen to treat autosomal dominant polycystic kidney disease, with full data from the fourth group confirming the 300 milligrams fixed dose selection to achieve optimal kidney exposure.

23andMe (ME) shares surged 45% after a court authorized the company to start an asset sale process through a Chapter 11 plan or pursuant to Section 363 of the US Bankruptcy Code.

Walgreens Boots Alliance (WBA) agreed to pay $2.8 million to settle allegations that it violated federal, Massachusetts and Georgia laws by submitting inflated prices for certain generic medications to the states' Medicaid programs, the US Attorney's Office for the District of Massachusetts said. Walgreens shares rose 0.7%.

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