Sector Update: Healthcare Stocks Softer Late Afternoon
Healthcare stocks eased late Thursday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each decreasing 0.3%.The iShares Biotechnology ETF (IBB) shed 0.8%.In corporate news, Abeona Therapeutics (ABEO) shares fell past 15% after its Q2 results missed analysts' expectations.Monopar Therapeutics (MNPR) shares shed 4.3% after Cantor Fitzgerald downgraded the company's stock to neutral from overweight and adjusted the price target to $119 from $109.Novartis (NVS) defeated a bid by Accord Healthcare to invalidate its Entresto patent, with a UK court ruling that the patent and a related protection certificate remain valid, Reuters reported. Novartis shares declined 0.3%.MapLight Therapeutics (MPLT) shares climbed 3.8%. The company plans to sell securities in a private-placement financing for gross proceeds of $150 million.
