Sector Update: Health Care Stocks Decline Tuesday Afternoon

MT Newswires Live03-04 02:55

Health care stocks retreated Tuesday afternoon, with the NYSE Health Care Index falling 1.2% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.

The iShares Biotechnology ETF (IBB) dropped 1.4%.

In corporate news, Cigna (CI) said David M. Cordani will retire as chief executive on July 1. The company's board has appointed Chief Operating Officer Brian Evanko as the next CEO. Shares fell 2.8%.

Medline (MDLN) said Blackstone (BX), Carlyle (CG), Hellman & Friedman, and a subsidiary of the Abu Dhabi Investment Authority have started an underwritten public offering of 75 million shares of its class A common stock. Medline shares were down 2.5%.

Esperion Therapeutics (ESPR) shares fell past 7% after the company said Tuesday it agreed to buy privately held Corstasis Therapeutics for $75 million in upfront cash.

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