Sector Update: Healthcare Stocks Softer Tuesday Afternoon
Healthcare stocks declined Tuesday afternoon with the NYSE Healthcare Index shedding 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) falling 0.3%.The iShares Biotechnology ETF (IBB) rose 0.3%.In corporate news, Hims & Hers Health (HIMS) shares fell 1.9%. Q2 results were mixed, with upside in its US business from branded GLP-1 strength and a ramp in testosterone offset by disappointing gross margin and weak free cash flow, Morgan Stanley said.Eli Lilly (LLY) committed to use Veeva Systems' (VEEV) Veeva Vault CRM globally. Lilly shares fell 0.9%, and Veeva added 1%.AC Immune's (ACIU) ACI-7104, for the potential treatment of early-stage Parkinson's disease, received US Food and Drug Administration fast-track designation and investigational new drug clearance. The shares jumped 14%.