Sector Update: Healthcare Stocks Fall Late Afternoon
Healthcare stocks declined late Monday afternoon, with the NYSE Healthcare Index falling 1.4% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.1%.The iShares Biotechnology ETF (IBB) shed 1.4%.In corporate news, Cardiff Oncology (CRDF) shares tumbled past 21% after HC Wainwright downgraded the stock to neutral from buy, and TD Cowen to hold from buy.GRAIL (GRAL) stock dropped 9.7% after the company said the NHS-Galleri trial of its Galleri multi-cancer early detection test missed its primary endpoint.Jasper Therapeutics (JSPR) shares tumbled 32% after the firm said its board has launched a review of strategic alternatives, including a sale of assets, a sale of the company, merger, or an orderly wind-down of operations.Edgewise Therapeutics (EWTX) has agreed to sell its muscular dystrophy business to Servier for up to $2.65 billion, Servier said Monday. Edgewise shares jumped past 13%.
