Sector Update: Healthcare Stocks Decline Tuesday Afternoon
Healthcare stocks were lower Tuesday afternoon, with the NYSE Healthcare Index shedding 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.5%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Brazil on Tuesday cleared pharmaceutical company EMS to sell the country's first generic version of Novo Nordisk's (NVO) Ozempic shot, Bloomberg reported. EMS plans to sell the generic version, called Ozivy, for 30% less than Ozempic, and it expects it to hit the market within 30 days, the report said. Novo shares were down 1.4%.Eli Lilly (LLY) said it has struck deals to buy three vaccine developers in all-cash deals with a combined value of up to $3.83 billion to build its infectious disease portfolio. Shares rose 1.3%.CG Oncology (CGON) shares declined 2.9% after the firm said that Ambaw Bellete, its president and chief operating officer, will exit the company, effective June 30.BioRestorative Therapies (BRTX) shares jumped 18% after the firm said it has completed dosing in its phase 2 trial assessing BRTX-100 to treat chronic lumbar disc disease.