Sector Update: Healthcare Stocks Gain Thursday Afternoon

MT Newswires Live10-30 02:07

Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index rising 2.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.7%.

The iShares Biotechnology ETF (IBB) edged up 0.1%.

In corporate news, Eli Lilly (LLY) and Merck (MRK) reported Q3 results above Wall Street's estimates on Thursday, driven by strong demand for their flagship drugs. Lilly shares jumped 5.9%, and Merck climbed up 4.3%.

Perrigo (PRGO) shares were up 0.2% after the firm said it will divest its infant formula business to MeridianMade in a deal worth up to $175 million.

Novavax (NVAX) rose 0.5%. The firm said it has earned a $125 million milestone payment with the start of Sanofi's (SNY) phase 3 influenza-COVID-19 combination vaccine trial utilizing its Nuvaxovid vaccine.

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