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Sector Update: Healthcare Stocks Fall Tuesday Afternoon

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Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index falling 2.4% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 2.2%.

The iShares Biotechnology ETF (IBB) shed 1.8%.

In corporate news, Novartis (NVS) shares fell past 13% after it said a phase 3 trial assessing delpacibart etedesiran in people with myotonic dystrophy type 1 failed to meet its primary endpoint.

Boston Scientific (BSX) identified a cybersecurity incident affecting some information technology systems that resulted in a global disruption of its operations. The company expects to recover part of the affected revenue but said it is unlikely to meet its net sales growth and adjusted EPS guidance ranges for Q3 and the full year. Boston Scientific shares were down 5.1%.

Novo Nordisk (NVO) has stopped two additional trials of its experimental cardiovascular drug, ziltivekimab, after an independent committee found a low chance they would produce a different result from an earlier failed study, Reuters reported. The trials, which tested the drug in heart failure patients, will end early, the company told. It added that patients will continue through to their 3-months follow-up as already planned. Novo shares were shedding 2.7%.

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