Sector Update: Healthcare Stocks Rise Pre-Bell Tuesday
Healthcare stocks were rising pre-bell Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.3% higher and the iShares Biotechnology ETF (IBB) advancing by 1%.TG Therapeutics (TGTX) shares were up more than 3% after the company said it has started a phase 2 trial evaluating BRIUMVI as a maintenance therapy following induction with efgartigimod in adult patients with myasthenia gravis, a chronic autoimmune neuromuscular disease.Teleflex (TFX) stock was up more than 1% after the company said four-year follow-up data from its BIOMAG-I study continued to show a favorable long-term safety profile for its Freesolve resorbable magnesium scaffold.Novanta (NOVT) shares were down more than 7% after the company signed a securities purchase agreement for the private placement of about 2.1 million common shares at $140 per share to institutional and other accredited investors, for total proceeds of approximately $300 million. Novanta also said it has agreed to acquire Riverpoint Medical from Arlington Capital Partners for a $1.2 billion upfront cash consideration and potential $250 million milestone payment in Q1.