Health care stocks were edging higher premarket Monday as the Health Care Select Sector SPDR Fund (XLV) was up 0.5% and the iShares Biotechnology ETF (IBB) recently advanced by 0.9%.
Cassava Sciences (SAVA) shares plunged by 84% after the company said its late-stage trial of simufilam in mild-to-moderate Alzheimer's disease did not meet the co-primary endpoints of cognitive and functional improvement.
Biohaven (BHVN) shares fell past 10% after the company said a study of its experimental drug for spinal muscular atrophy did not achieve a "statistically significant difference" compared with placebo and standard of care at 48 weeks.
Alnylam Pharmaceuticals (ALNY) shares were up over 2% after the company said the US Food and Drug Administration has accepted its supplemental new drug application for vutrisiran, an investigational RNAi therapeutic for the treatment of ATTR amyloidosis with cardiomyopathy.
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