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Sector Update: Healthcare Stocks Fall Late Afternoon

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Healthcare stocks declined late Monday afternoon, with the NYSE Healthcare Index shedding 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.8%.

The iShares Biotechnology ETF (IBB) fell 1.1%.

In corporate news, Eli Lilly (LLY) has indicated an interest in buying shares at Scribe Therapeutics' initial public offering sufficient to raise its stake to as much as 10.9% following the offering and a concurrent private placement, Scribe said in a regulatory filing on Monday. Lilly shares were falling 2.2%.

Tempus AI (TEM) agreed to acquire Personalis (PSNL) in a deal with a total enterprise value of $1.5 billion. Tempus AI shares fell 7.3%, and Personalis dropped 14%.

Nuvation Bio (NUVB) shares jumped past 8% after it said Monday that follow-up data from a phase 2 trial of safusidenib in people with chemotherapy and radiotherapy-naive grade 2 IDH1-mutant glioma showed "durable" efficacy, with objective response rate of 51.9% and 36-month progression-free survival rate of 79.1%.

Bristol-Myers Squibb (BMY) said Monday that it is expanding its partnership with Nvidia (NVDA) to build an AI factory dedicated to pharmaceutical research and development. Bristol-Myers Squibb shares were shedding 0.9%.

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