Sector Update: Health Care Stocks Edge Lower Late Afternoon
Health care stocks were softer late Thursday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each easing about 0.1%.The iShares Biotechnology ETF (IBB) fell 1.8%.In sector news, Acting Attorney General Todd Blanche signed an order Thursday reclassifying state-licensed medical cannabis as a less-dangerous drug, the Associated Press reported, citing a statement from Blanche.In corporate news, Molina Healthcare (MOH) shares jumped more than 12% after the firm reported Q1 adjusted EPS that beat market expectations in the previous day.Grace Therapeutics (GRCE) tumbled 46% after the US Food and Drug Administration issued a complete response letter for its new drug application for GTx-104, an intravenous formulation of nimodipine for aneurysmal subarachnoid hemorrhage.Thermo Fisher Scientific (TMO) raised its full-year outlook as Q1 results came in stronger than expected, but organic growth fell short of analysts' estimates. Its shares fell 9.5%.Regeneron Pharmaceuticals (REGN) has struck a deal with the Trump administration to reduce drug costs for certain Americans and has secured approval for a gene therapy to treat a rare form of deafness, Bloomberg reported. Regeneron gained 2.5%.