$HRTX

Needham Downgrades Heron Therapeutics to Hold From Buy

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) dropped 2.9%.In corporate news, Vera Therapeutics (VERA) said Tuesday it aligned with the US Food and Drug Administration on a revised analysis plan for its phase 3 Origin trial of atacicept in adults with IgA nephropathy. Its shares fell past 7%.Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 43%.Heron Therapeutics (HRTX) shares dropped 42% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Praxis Precision Medicines' (PRAX) shares lost 20% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Sector Update: Healthcare Stocks Fall in Afternoon Trading

Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each falling 1.1%.The iShares Biotechnology ETF (IBB) dropped 3%.In corporate news, Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell nearly 42%.Heron Therapeutics (HRTX) shares dropped 39% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Praxis Precision Medicines' (PRAX) shares tumbled 16% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Sector Update: Healthcare Stocks Down Premarket Tuesday

Healthcare stocks were lower premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.1% and the iShares Biotechnology ETF (IBB) easing 0.3%.Hims & Hers Health (HIMS) stock was up more than 2% after the company said it has completed its acquisition of Eucalyptus, expanding its consumer health platform across Australia, Canada, Germany, and other international markets.Heron Therapeutics (HRTX) shares were down 18% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Telix Pharmaceuticals (TLX) and United Imaging Healthcare North America signed a memorandum of understanding for a research collaboration in the US focused on integrated theranostics solutions. Telix Pharmaceuticals stock was down more than 2% pre-bell.