$ELTX

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Monday afternoon with the NYSE Healthcare Index decreasing 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.The iShares Biotechnology ETF (IBB) rose 0.6%.In corporate news, Centene (CNC) will offer buyouts to most employees to reduce costs after a slump in health-plan membership in the past year, Bloomberg reported. Centene shares fell 3.2%.Neumora Therapeutics (NMRA) shares tumbled 48% after the company halted development of its major depressive disorder treatment navacaprant after two Phase 3 trials failed to meet their primary and key secondary endpoints. Neumora also announced it will reduce its workforce by 35%.Elicio Therapeutics (ELTX) shares plunged 72% after the company said a Phase 2 study assessing the experimental pancreatic cancer therapy ELI-002 7p did not meet the prespecified primary endpoint of disease-free survival.Cuprina (CUPR) shares surged 102% after a subsidiary obtained 510(k) clearance from the US Food and Drug Administration for its Medifly Maggots product that uses Lucilia cuprina larvae in maggot debridement therapy.

Top Midday Decliners

Elicio Therapeutics (ELTX) said Monday its Phase 2 clinical study evaluating the experimental pancreatic cancer therapy ELI-002 7p failed to meet the pre-specified primary endpoint of disease-free survival.Shares sank 72% after a surge in intraday trading volume to over 7.10 million from a daily average of about 131,000.Comtech Telecommunications (CMTL) agreed to sell most of its Satellite and Space Communications segment to Gilat Satellite Networks (GILT) for $157.5 million, the companies said in separate statements Monday.Shares of Comtech Telecommunications plummeted 43% as intraday trading volume climbed to more than 3.72 million, versus a daily average of about 297,000.Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox shares dropped 16%, with intraday trading volume rising to more than 4.48 million from the stock's daily average of about 1.33 million.Price: $4.09, Change: $-10.77, Percent Change: -72.49%

Sector Update: Healthcare Stocks Softer Monday Afternoon

Healthcare stocks declined Monday afternoon with the NYSE Healthcare Index dropping 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.5%.The iShares Biotechnology ETF (IBB) rose 0.5%.In sector news, the Centers for Medicare & Medicaid Services proposed a rule to establish a permanent regulatory framework for the Medicare Drug Price Negotiation Program beginning with the 2029 price-applicability year, shifting to codified regulations from implementation through annual guidance.In corporate news, Neumora Therapeutics (NMRA) shares tumbled 52% after the company halted development of its major depressive disorder treatment navacaprant after two Phase 3 trials failed to meet their primary and key secondary endpoints. Neumora also announced it will reduce its workforce by 35%.Elicio Therapeutics (ELTX) shares plunged 72% after the company said a Phase 2 study assessing the experimental pancreatic cancer therapy ELI-002 7p did not meet the prespecified primary endpoint of disease-free survival.Cuprina Holdings (CUPR) shares more than doubled after a subsidiary obtained 510(k) clearance from the US Food and Drug Administration for its Medifly Maggots product that uses Lucilia cuprina larvae in maggot debridement therapy.

Sector Update: Healthcare Stocks Edge Higher Premarket Monday

Healthcare stocks were edging higher premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2% and the iShares Biotechnology ETF (IBB) 0.6% higher.Precigen (PGEN) shares were up more than 3% after the company said the US Food and Drug Administration granted orphan drug exclusivity for its recurrent respiratory papillomatosis treatment called papzimeos.Zymeworks' (ZYME) drug to treat certain reproductive tract cancers has shown promise in early testing, the biotechnology company reported at the European Society for Medical Oncology Gynaecological Cancers Congress. Zymeworks stock was up more than 1% pre-bell.Elicio Therapeutics (ELTX) shares were down more than 64% after the company said its Phase 2 clinical study evaluating the experimental pancreatic cancer therapy ELI-002 7p did not meet the pre-specified primary endpoint of disease-free survival.

B. Riley Initiates Elicio Therapeutics at Buy With $27 Price Target

Ladenburg Thalmann Initiates Elicio Therapeutics at Buy