Sector Update: Healthcare Stocks Advance Late Afternoon
Healthcare stocks rose late Tuesday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.4%.The iShares Biotechnology ETF (IBB) climbed 1.7%.In sector news, the US Department of Health and Human Services is planning to create two deputy commissioner roles at the Food and Drug Administration to focus on technology and drugs, respectively, CNBC reported Tuesday. Specifically, the technology deputy commissioner role would focus on the intersection of health and AI, the report said. HHS officials would appoint the new deputies in what some within the Trump administration view as an attempt to wield greater influence over the agency, CNBC reported.In corporate news, McKesson (MCK) agreed to buy Precision Medicine Group for $2.25 billion as part of the drug distributor's efforts to boost its clinical research and commercialization services. McKesson shares rose 3.1%.Anavex Life Sciences (AVXL) shares surged 14% after the company's fiscal Q3 swung to profits.Kura Oncology (KURA) shares jumped past 9% in Tuesday trading, a day after a regulatory filing showed CEO Troy Wilson purchased 100,000 shares at a weighted average price of $12.39.Jazz Pharmaceuticals (JAZZ) shares added 1.8% after the company said the US Food and Drug Administration approved two of its Ziihera-containing regimens to treat adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma, a type of cancer.
