Sector Update: Healthcare Stocks Lean Lower Premarket Tuesday
Healthcare stocks were leaning lower premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) slightly declining and the iShares Biotechnology ETF (IBB) down 0.3%.Relay Therapeutics (RLAY) shares were up more than 11% after the company said early phase 2 data showed its experimental drug zovegalisib reduced lesion volume in patients with rare vascular anomalies linked to PIK3CA mutations.Cullinan Therapeutics (CGEM) received the US Food and Drug Administration's orphan drug designation for its CLN-049 investigational therapy for the treatment of relapsed/refractory acute myeloid leukemia, the company said. Cullinan Therapeutics stock was up more than 2% pre-bell.Tiziana Life Sciences' (TLSA) intranasal foralumab showed good long-term tolerability and fatigue improvement in an expanded access program involving 14 patients with non-active secondary progressive multiple sclerosis based on updated clinical data, the biotechnology company said. Shares of Tiziana Life Sciences were up more than 2% premarket.