Sector Update: Health Care Stocks Softer Wednesday Afternoon

MT Newswires Live07-10

Health care stocks were edging lower Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each easing about 0.1%.

The iShares Biotechnology ETF (IBB) climbed 1.9%.

In corporate news, UnitedHealth Group's (UNH) Medicare billing practices are under investigation by the US Justice Department's criminal healthcare-fraud unit, The Wall Street Journal reported. UnitedHealth shares fell 1.6%.

Merck (MRK) agreed to buy UK-based Verona Pharma (VRNA) in a deal worth $10 billion to expand its cardio-pulmonary disease treatment portfolio. Merck shares rose 3.2%, and Verona jumped past 20%.

CVS Health's (CVS) Omnicare unit was ordered to pay $948.8 million in penalties and damages in a whistleblower lawsuit alleging it fraudulently billed the US government for invalid drug prescriptions, Reuters reported, citing a court order. CVS shares were down 0.5%.

Rhythm Pharmaceuticals (RYTM) shares jumped 35% after the company said bivamelagon achieved body mass index reductions in patients in a phase 2 acquired hypothalamic obesity trial.

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UnitedHealth shares fell 1.6%.</p><p><a href=\"https://laohu8.com/S/MRK\">Merck</a> (MRK) agreed to buy UK-based Verona Pharma (VRNA) in a deal worth $10 billion to expand its cardio-pulmonary disease treatment portfolio. Merck shares rose 3.2%, and Verona jumped past 20%.</p><p><a href=\"https://laohu8.com/S/CVS\">CVS Health</a>'s (CVS) Omnicare unit was ordered to pay $948.8 million in penalties and damages in a whistleblower lawsuit alleging it fraudulently billed the US government for invalid drug prescriptions, Reuters reported, citing a court order. CVS shares were down 0.5%.</p><p>Rhythm Pharmaceuticals (RYTM) shares jumped 35% after the company said bivamelagon achieved body mass index reductions in patients in a phase 2 acquired hypothalamic obesity trial.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1093756325.SGD","symbol_name":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2550657485","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2550657485","pubTimestamp":1752084087,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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