Health care stocks were mixed premarket Tuesday with the iShares Biotechnology ETF (IBB) down 0.1% and the Health Care Select Sector SPDR Fund (XLV) recently up 0.1%.
Arvinas (ARVN) and Pfizer (PFE) said a phase 3 clinical trial of vepdegestrant monotherapy as an investigational treatment for advanced or metastatic breast cancer met its primary endpoint in the estrogen receptor 1-mutant population, but did not reach statistical significance in progression-free survival improvement in the intent-to-treat population. Arvinas shares fell by more than 37% pre-bell.
Legend Biotech (LEGN) shares were up more than 1% after the company reported a narrowed Q4 adjusted net loss as revenue increased during the period.
Illumina (ILMN) shares rose past 2% after the company announced a $100 million cost reduction program, while lowering its fiscal 2025 non-GAAP earnings forecast.
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