Healthcare stocks edged down Thursday afternoon, with the NYSE Healthcare Index easing 0.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) fractionally lower.
The iShares Biotechnology ETF (IBB) decreased 0.5%.
In corporate news, Biogen (BIIB) shares fell nearly 6% after the firm said Thursday that a phase 2 trial of diranersen in people with early Alzheimer's disease did not meet its primary endpoint.
Prestige Consumer Healthcare (PBH) reported weaker-than-expected Q4 results and issued 2026 guidance below consensus, with the shortfall driven primarily by supply constraints in Clear Eyes and broader execution pressures, Oppenheimer said in a note. Oppenheimer downgraded the stock to perform from outperform and removed its $65 price target. Prestige shares slumped past 8%.
Doximity (DOCS) could face near-term pressure from slowing growth after issuing weaker-than-expected guidance, though strong user engagement trends and expanding AI opportunities continue to support the stock's long-term outlook, Morgan Stanley said in a note. Morgan Stanley lowered the price target on Doximity to $35 from $49, while maintaining an overweight rating. Doximity shares dropped more than 24%.
Aveanna Healthcare (AVAH) shares jumped 11% after it reported higher fiscal Q1 adjusted earnings and revenue, and raised its fiscal 2026 revenue guidance.