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Sector Update: Healthcare Stocks Mixed Late Afternoon

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Healthcare stocks were mixed late Friday afternoon, with the NYSE Healthcare Index unchanged and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.

The iShares Biotechnology ETF (IBB) was up 0.1%.

In corporate news, Eli Lilly's (LLY) long-term GLP-1 franchise is unlikely to face significant pressure from generic GLP-1 drugs, as manufacturing constraints should limit generic market penetration while the company's next-generation therapies are expected to preserve its market leadership, UBS Securities said in a note. Lilly shares were up 0.7%.

Intuitive Surgical (ISRG) shares fell nearly 14%. Growth in the company's da Vinci robotic surgery procedures in the US moderated due in part to changes in Affordable Care Act premium subsidies, even as it reported better-than-expected quarterly results.

GSK (GSK) shares were down 2.1% after it said Friday it will discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.

Xencor (XNCR) shares jumped about 13% after the firm said Friday that phase 1 results for its experimental cancer therapy XmAb819 in advanced clear cell renal cell carcinoma have been selected for a proffered paper oral presentation at the European Society of Medical Oncology Congress in October.

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