Sector Update: Health Care Stocks Advance Wednesday Afternoon

MT Newswires Live08-28

Health care stocks rose Wednesday afternoon with the NYSE Health Care Index adding 0.2% and the Health Care Select Sector SPDR Fund (XLV) up 0.1%.

The iShares Biotechnology ETF (IBB) was little changed.

In corporate news, the scope of the US Department of Justice's investigation into UnitedHealth (UNH) goes beyond previously disclosed allegations of Medicare fraud with the DOJ also looking into the insurer's prescription management services and how it reimburses its doctors, Bloomberg reported. UnitedHealth shares rose 1.2%.

Pfizer (PFE) and BioNTech (BNTX) said the US Food and Drug Administration approved a supplemental license application for their LP.8.1-adapted monovalent COVID-19 vaccine for use in adults ages 65 and older and people ages 5 through 64 with at least one underlying condition that leaves them at high risk of severe outcomes from COVID-19. Pfizer shares rose 0.4%, and BioNTech fell 2.3%.

Eli Lilly (LLY) said that its drug Verzenio, when combined with endocrine therapy in a late-stage study, showed a statistically significant improvement in overall survival in patients with a certain type of breast cancer, compared to endocrine therapy alone. Eli Lilly shares added 0.1%.

Azitra (AZTR) shares surged 29% after the company dosed the first patient in a phase 1/2 trial assessing its ATR04-484 biotherapeutic candidate intended to treat skin rashes associated with epidermal growth factor receptor inhibitors.

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