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Sector Update: Healthcare Stocks Softer Friday Afternoon

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Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index falling 0.9% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.8%.

The iShares Biotechnology ETF (IBB) dropped 2.5%.

In corporate news, Aardvark Therapeutics (AARD) shares fell 31% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG to neutral from buy.

DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Its shares climbed past 6%.

ARS Pharmaceuticals (SPRY) shares fell nearly 5% after it posted a wider Q1 net loss.

Alumis (ALMS) stock was down more than 5% after it reported that its Q1 revenue dropped to $1.7 million from $17.4 million a year earlier.

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