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Sector Update: Healthcare Stocks Decline Monday Afternoon

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Healthcare stocks were lower Monday afternoon, with the NYSE Healthcare Index shedding 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.

The iShares Biotechnology ETF (IBB) fell 1%.

In corporate news, Johnson & Johnson (JNJ) decreased 0.8% after the company said Monday that it has agreed to acquire cancer drug developer Firefly Bio for $1 billion in cash to strengthen its oncology portfolio.

Incyte (INCY) agreed to acquire Vega Therapeutics, a subsidiary of Star Therapeutics, in a deal worth up to $2 billion, expanding its hematology portfolio into bleeding disorders. Shares fell 3%.

Eli Lilly (LLY) shares rose 2.2% after the drugmaker said its experimental obesity drug retatrutide delivered significant weight loss in two clinical studies and also showed "meaningful" improvements in knee osteoarthritis pain and sleep apnea.

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