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Sector Update: Healthcare Stocks Softer Late Afternoon

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Healthcare stocks were lower late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.1%.

The iShares Biotechnology ETF (IBB) rose 0.2%.

In corporate news, Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million. Pacira shares rose 1%, and Zimmer fell past 6%.

Unicycive Therapeutics (UNCY) shares tumbled 40% after it said Tuesday it has received a Complete Response Letter from the US Food and Drug Administration over its resubmitted new drug application for oxylanthanum carbonate for treating hyperphosphatemia in people with chronic kidney disease on dialysis.

AbbVie (ABBV) and Merck (MRK) are facing investigations by the China Select Committee of the US House over whether clinical trials conducted in China may have contributed to the country's military capabilities, Reuters reported. AbbVie shares were down 1.3%, and Merck shed nearly 1%.

Align Technology (ALGN) shares fell 3% after the European Commission said Tuesday it has opened an antitrust probe to determine whether the company has violated EU competition rules by tying its dental clear aligners to its intra-oral scanners in the European Economic Area.

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