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Sector Update: Healthcare Stocks Ease in Afternoon Trading

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Healthcare stocks edged lower Wednesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each down 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.4%.

In corporate news, Legend Biotech (LEGN) could see pressures from competition and its recent leadership change, potentially weighing on its Carvykti myeloma therapy strategy, Oppenheimer said in a note. The firm downgraded Legend to perform from outperform and cut the price target to $40 from $75. Legend shares fell nearly 6%.

Arbutus Biopharma (ABUS) shares dropped 2.5% after the company reported that it swung to a Q2 loss as revenue fell during the period.

Definium Therapeutics (DFTX) shares jumped 6% after it said Wednesday its phase 3 trial of DT120 lysergide orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint.

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Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Tuesday afternoon, with the NYSE Healthcare Index shedding 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) down 0.2%.The iShares Biotechnology ETF (IBB) decreased less than 0.1%.In corporate news, Tactile Systems Technology (TCMD) shares fell past 17% after it reported late Monday its Q2 results and lowered its revenue guidance for the full year.Alamar Biosciences (ALMR) reported a narrower Q2 net loss and sales above consensus late Monday. Its shares surged past 32%.Hims & Hers Health (HIMS) shares fell 2.5%. Q2 results were mixed, with upside in its US business from branded GLP-1 strength and a ramp in testosterone offset by disappointing gross margin and weak free cash flow, Morgan Stanley said.Eli Lilly (LLY) committed to use Veeva Systems' (VEEV) Veeva Vault CRM globally. Lilly shares were down 1.3%, and Veeva added 1%.

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Sector Update: Healthcare Stocks Ease in Afternoon Trading | FINWIRES