Sector Update: Healthcare Stocks Fall Late Afternoon
Healthcare stocks declined late Thursday afternoon, with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.4%.The iShares Biotechnology ETF (IBB) fell 2.4%.In corporate news, Merck's (MRK) strong momentum continues, driven by better-than-expected cancer vaccine data, but valuation now fully reflects the upside, RBC Capital Markets said in a note. RBC downgraded Merck to sector perform from outperform, and raised its price target to $150 from $142. Merck shares were down 1.9%.Moderna (MRNA) shares fell past 24% following a 177% jump at the close of the previous trading session. The drugmaker and Merck announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Maravai LifeSciences (MRVI) stock rallied alongside a sector-wide rise in mRNA and oncology-focused biotech stocks. Maravai shares jumped 14%.Vivos Therapeutics (VVOS) said Thursday it has opened a new facility in Henderson, Nevada, to meet growing demand for sleep apnea testing and treatment. Vivos shares added 0.8%.
