Sector Update: Healthcare Stocks Softer Late Afternoon
Healthcare stocks declined late Monday afternoon with the NYSE Healthcare Index decreasing 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.The iShares Biotechnology ETF (IBB) rose 0.6%.In corporate news, Centene (CNC) will offer buyouts to most employees to reduce costs after a slump in health-plan membership in the past year, Bloomberg reported. Centene shares fell 3.2%.Neumora Therapeutics (NMRA) shares tumbled 48% after the company halted development of its major depressive disorder treatment navacaprant after two Phase 3 trials failed to meet their primary and key secondary endpoints. Neumora also announced it will reduce its workforce by 35%.Elicio Therapeutics (ELTX) shares plunged 72% after the company said a Phase 2 study assessing the experimental pancreatic cancer therapy ELI-002 7p did not meet the prespecified primary endpoint of disease-free survival.Cuprina (CUPR) shares surged 102% after a subsidiary obtained 510(k) clearance from the US Food and Drug Administration for its Medifly Maggots product that uses Lucilia cuprina larvae in maggot debridement therapy.
