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Sector Update: Health Care Stocks Edge Lower Late Afternoon

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Health care stocks were softer late Thursday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each easing about 0.1%.

The iShares Biotechnology ETF (IBB) fell 1.8%.

In sector news, Acting Attorney General Todd Blanche signed an order Thursday reclassifying state-licensed medical cannabis as a less-dangerous drug, the Associated Press reported, citing a statement from Blanche.

In corporate news, Molina Healthcare (MOH) shares jumped more than 12% after the firm reported Q1 adjusted EPS that beat market expectations in the previous day.

Grace Therapeutics (GRCE) tumbled 46% after the US Food and Drug Administration issued a complete response letter for its new drug application for GTx-104, an intravenous formulation of nimodipine for aneurysmal subarachnoid hemorrhage.

Thermo Fisher Scientific (TMO) raised its full-year outlook as Q1 results came in stronger than expected, but organic growth fell short of analysts' estimates. Its shares fell 9.5%.

Regeneron Pharmaceuticals (REGN) has struck a deal with the Trump administration to reduce drug costs for certain Americans and has secured approval for a gene therapy to treat a rare form of deafness, Bloomberg reported. Regeneron gained 2.5%.

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