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Sector Update: Healthcare Stocks Softer Late Afternoon

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Healthcare stocks declined late Monday afternoon with the NYSE Healthcare Index decreasing 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.

The iShares Biotechnology ETF (IBB) rose 0.6%.

In corporate news, Centene (CNC) will offer buyouts to most employees to reduce costs after a slump in health-plan membership in the past year, Bloomberg reported. Centene shares fell 3.2%.

Neumora Therapeutics (NMRA) shares tumbled 48% after the company halted development of its major depressive disorder treatment navacaprant after two Phase 3 trials failed to meet their primary and key secondary endpoints. Neumora also announced it will reduce its workforce by 35%.

Elicio Therapeutics (ELTX) shares plunged 72% after the company said a Phase 2 study assessing the experimental pancreatic cancer therapy ELI-002 7p did not meet the prespecified primary endpoint of disease-free survival.

Cuprina (CUPR) shares surged 102% after a subsidiary obtained 510(k) clearance from the US Food and Drug Administration for its Medifly Maggots product that uses Lucilia cuprina larvae in maggot debridement therapy.

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