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Sector Update: Healthcare Stocks Decline Late Afternoon

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Healthcare stocks were lower late Tuesday afternoon, with the NYSE Healthcare Index shedding 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.7%.

The iShares Biotechnology ETF (IBB) rose 0.5%.

In corporate news, Cigna (CI) shares fell 1.6% after Barclays downgraded the stock to equalweight from overweight, and lowered its price target to $304 from $310.

Brazil on Tuesday cleared pharmaceutical company EMS to sell the country's first generic version of Novo Nordisk's (NVO) Ozempic shot, Bloomberg reported. EMS plans to sell the generic version, called Ozivy, for 30% less than Ozempic, and it expects it to hit the market within 30 days, the report said. Novo shares were down 1.5%.

Eli Lilly (LLY) said it has struck deals to buy three vaccine developers in all-cash deals with a combined value of up to $3.83 billion to build its infectious disease portfolio. Lilly shares rose 0.5%.

CG Oncology (CGON) shares fell 3.8% after the firm said that Ambaw Bellete, its president and chief operating officer, will exit the company, effective June 30.

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