Sector Update: Health Care Stocks Slide Late Afternoon

MT Newswires Live
2024-12-17

Health care stocks declined late Monday afternoon, with the NYSE Health Care Index down 1.1% and the Health Care Select Sector SPDR Fund (XLV) falling 1.2%.

The iShares Biotechnology ETF (IBB) rose 0.6%.

In corporate news, Emergent BioSolutions (EBS) shares jumped 4.7% after the Biomedical Advanced Research and Development Authority awarded a $50 million option to the company's existing contract for the purchase of Cyfendus.

Aspira Women's Health (AWH) shares were fractionally up after it said Monday that Chief Executive Nicole Sandford will leave the company due to a family health matter, effective immediately. President Sandra Milligan will serve as interim CEO while the company searches for a permanent successor, the company said.

President-elect Donald Trump told reporters his administration is going to "knock out" pharmacy benefit managers to bring down drug prices, Bloomberg reported. Shares of CVS Health (CVS), UnitedHealth (UNH), and Cigna (CI), which own the three largest pharmacy benefit managers, fell 5.6%, 4.5%, and 3.2% respectively.

Maia Biotechnology (MAIA) shares jumped over 8% after the firm said its investigational telomere-targeting agent THIO received a rare pediatric disease designation from the US Food and Drug Administration to treat pediatric-type diffuse high-grade gliomas.

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