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Sector Update: Healthcare Stocks Edge Higher Late Afternoon

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Healthcare stocks were slightly higher late Thursday afternoon, with the NYSE Healthcare Index increasing 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.1%.

The iShares Biotechnology ETF (IBB) eased 0.3%.

In corporate news, Haleon (HLN) has negotiated better shelf placement at Walmart (WMT) and Target (TGT), Reuters reported. The company reportedly said it has offered major retailers better prices and promotions, as well as exclusivity on new products, in exchange for more prominent shelf space. Haleon shares were down 1.1%.

Hutchmed (HCM) shares jumped 17% after the company said its unit licensed rights to GSK (GSK) to develop and commercialize experimental cancer treatment HMPL-A830 outside greater China. GSK shares added 0.8%.

AbbVie (ABBV) said Thursday that it has completed its acquisition of Apogee Therapeutics (APGE), valuing the clinical-stage biotechnology company at about $10.9 billion, or $135.11 per share. AbbVie shares were down 0.5%.

Ultragenyx Pharmaceutical (RARE) shares fell 44% after the firm said a phase 3 study of apazunersen in Angelman syndrome did not achieve the primary endpoint nor a key secondary endpoint.

Eli Lilly (LLY) unit Centessa Pharmaceuticals has achieved a late-stage development milestone related to its selective orexin receptor 2 agonist portfolio, triggering an $8.6 million payment to research collaboration partner Nxera Pharma, Nxera said Thursday. Lilly shares were down 0.2%.

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Wire

Ionic Rare Earths Strikes Magnet Recycling Joint Venture Agreement With US Strategic Metals; Shares Rise 10%

Ionic Rare Earths (ASX:IXR) unit Ionic Rare Earths USA struck a joint venture agreement with US Strategic Metals to build magnet recycling facilities at the latter's fully permitted site in Missouri, US, according to a Thursday filing with the Australian bourse.The new term sheet supersedes and "materially advance" the memorandum of understanding the parties struck in November 2025, per the filing.The parties agreed on a non-binding basis to form a 50-50 joint venture to develop an integrated campus for the production of critical minerals and metals at the Missouri site. The proposed joint venture aims to construct one or more magnet and other rare earth recycling facilities, processing recycled permanent neodymium-iron-boron and samarium-cobalt magnets and magnet scrap, and also plans to evaluate the recycling of other heavy rare earth elements.Ionic Rare Earths' Belfast subsidiary, Ionic Technologies, will contribute a non-exclusive license to the joint venture for its magnet recycling technology.The planned venture will be funded with $100 million for the construction of initial recycling facilities, comprised of $95 million in funding from US Strategic Metals and a $5 million equity contribution split equally between Ionic Rare Earths USA and US Strategic Metals.Ionic Rare Earths shares jumped over 10% in recent Thursday trade.

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Wire

Ultragenyx Says Phase 3 Study on Rare Neurogenetic Disorder Missed Primary, Secondary Endpoints; Shares Fall After-Hours

Ultragenyx Pharmaceutical (RARE) said late Wednesday the phase 3 Aspire study of apazunersen in Angelman syndrome, a rare, neurogenetic disorder, did not achieve its primary endpoint or its key secondary endpoint.The late-stage study did not reach the primary endpoint of change from Baseline in Bayley-4 cognitive raw score nor the key secondary endpoint of net response in Multidomain Responder Index, according to a statement.The safety profile for the phase 3 trial remained consistent with phase 1 and phase 2, the company said.Ultragenyx said it will assess the apazunersen program following this outcome and make a decision on its disposition.Shares of Ultragenyx were down about 45% in after-hours trading.

$RARE
Wire

ChargePoint Q2 Loss Narrows, Revenue Rises

ChargePoint (CHPT) reported Wednesday Q2 loss of $1.35 per diluted share, compared with a loss of $2.85 a year earlier.Analysts polled by FactSet expected loss of $1.57.Revenue for the quarter ended July 31 was $116.1 million, up from $98.6 million a year ago.Analysts expected $105.2 million.ChargePoint expects Q3 revenue of $105 million to $115 million. Analysts expect $109.3 million.Shares of the company rose over 17% in after-hours trading.

$CHPT