Sector Update: Healthcare Stocks Gain Late Afternoon
Healthcare stocks rose late Thursday afternoon with the NYSE Healthcare Index gaining 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.6%.The iShares Biotechnology ETF (IBB) advanced 1.3%.In corporate news, Bio-Techne (TECH) shares jumped 20% after the company agreed to be acquired by Germany's Merck in an all-cash deal with an enterprise value of $11.3 billion.Eli Lilly (LLY) shares rose 1% after the company said its weight management medicines Foundayo and Zepbound will be available to eligible Medicare Part D patients for $50 a month under the Medicare GLP-1 Bridge program, starting July 1.Kymera Therapeutics (KYMR) shares jumped 16% after the company said it has completed enrollment in a phase 2b trial of KT-621 in moderate to severe atopic dermatitis ahead of schedule.PRF Technologies' (PRFX) PRF-110 demonstrated analgesic efficacy comparable to Zynrelef in a preclinical study evaluating postoperative pain treatment, the company said. The shares climbed 13%.
