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Sector Update: Healthcare Stocks Softer Late Afternoon

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Healthcare stocks were lower late Monday afternoon, with the NYSE Healthcare Index down 0.3% and the State Street Healthcare Select Sector SPDR ETF (XLV) declining 0.4%.

The iShares Biotechnology ETF (IBB) was little changed.

In corporate news, Zoetis (ZTS) shares fell 7.5% after BNP Paribas cut its price target to $146 from $185, following the company's Q1 results late last week.

Moderna (MRNA) has been working on early-stage vaccines targeting hantaviruses, Bloomberg reported Friday, citing a company statement. The research began before recent infections were reported aboard the Dutch-flagged Hondius, the report said. Moderna shares fell 3.7%.

Sonida Senior Living (SNDA) shares fell 3.3% after the company reported Q1 loss of $2.39 per diluted share, widening from the loss of $0.77 a year earlier. Analysts polled by FactSet expected a loss of $1.53.

Erasca (ERAS) entered into a clinical trial collaboration and supply agreement with Merck (MRK) to study its investigational drug ERAS-0015 in combination with Keytruda in patients with RAS-mutant solid tumors. Erasca shares rose 3%.

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