Sector Update: Healthcare Stocks Ease in Afternoon Trading
Healthcare stocks edged lower Wednesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each down 0.1%.The iShares Biotechnology ETF (IBB) rose 0.4%.In corporate news, Legend Biotech (LEGN) could see pressures from competition and its recent leadership change, potentially weighing on its Carvykti myeloma therapy strategy, Oppenheimer said in a note. The firm downgraded Legend to perform from outperform and cut the price target to $40 from $75. Legend shares fell nearly 6%.Arbutus Biopharma (ABUS) shares dropped 2.5% after the company reported that it swung to a Q2 loss as revenue fell during the period.Definium Therapeutics (DFTX) shares jumped 6% after it said Wednesday its phase 3 trial of DT120 lysergide orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint.