Sector Update: Health Care Stocks Softer Late Afternoon

MT Newswires Live08-29

Health care stocks were lower late Thursday afternoon, with the NYSE Health Care Index shedding 0.6% and the Health Care Select Sector SPDR Fund (XLV) down 0.5%

The iShares Biotechnology ETF (IBB) decreased 0.4%.

In corporate news, Outlook Therapeutics (OTLK) shares tumbled 54% after it said Thursday the US Food and Drug Administration issued a complete response letter to its resubmitted biologics license application for ONS-5010 to treat wet age-related macular degeneration. The regulator cited a lack of substantial evidence of effectiveness, noting the therapy failed to meet the primary endpoint for effectiveness in a study, Outlook Therapeutics said.

Cooper (COO) shares lost more than 12% after several investment firms cut their price targets on the stock following the company's fiscal Q3 results on Wednesday.

Telix Pharmaceutical (TLX) shares fell past 16% after the company said the US Food and Drug Administration has requested additional data on its biologics license application for Zircaix, an investigational PET agent for diagnosing clear cell renal cell carcinoma.

Walgreens Boots Alliance (WBA) said Thursday that it has been acquired by Sycamore Partners, and will now operate as a private entity.

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