Sector Update: Health Care Stocks Lower in Afternoon Trading

MT Newswires Live04-24 01:56

Health care stocks declined Thursday afternoon, with the NYSE Health Care Index decreasing 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.

The iShares Biotechnology ETF (IBB) fell 1.9%.

In sector news, Acting Attorney General Todd Blanche signed an order Thursday reclassifying state-licensed medical cannabis as a less-dangerous drug, the Associated Press reported, citing a statement from Blanche.

In corporate news, Thermo Fisher Scientific (TMO) raised its full-year outlook as Q1 results came in stronger than expected, but organic growth fell short of analysts' estimates. Shares fell 11%.

Regeneron Pharmaceuticals (REGN) has struck an agreement with the Trump administration to reduce drug costs for certain Americans and has secured approval for a gene therapy to treat a rare form of deafness, Bloomberg reported. Regeneron shares rose 1.6%.

Novo Nordisk (NVO) said a phase 3a trial of oral semaglutide in children and adolescents aged between 10 and 17 years with type-2 diabetes showed a "superior reduction" in a measure of blood sugar control over placebo. Shares were down 2.6%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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