Health care stocks were lower Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.4%.
The iShares Biotechnology ETF (IBB) fell 1%.
In corporate news, Spingworks Therapeutics (SWTX) shares jumped over 36%. The company is in advanced talks to be acquired by Merck KGaA, Reuters reported.
Axsome Therapeutics (AXSM) shares rose 21% after the firm said it agreed to a settlement deal with Teva (TEVA) to resolve patent litigation over its Auvelity product. Teva was down 0.8%.
Pliant Therapeutics (PLRX) shares fell 59% after the firm paused enrollment and dosing in a phase 2b trial of bexotegrast in idiopathic pulmonary fibrosis patients. Several analysts downgraded the stock following the announcement.
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