Sector Update: Healthcare Stocks Decline Friday Afternoon
Healthcare stocks were lower Friday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each shedding about 0.5%.The iShares Biotechnology ETF (IBB) dropped 2.5%.In corporate news, BioNTech (BNTX) said it terminated its phase 2 trial evaluating autogene cevumeran as an adjuvant monotherapy in people with colorectal cancer. The trial's independent safety board recommended discontinuing treatment and ending the trial, as further continuation was unlikely to change the efficacy outcome, the company said. BioNTech shares fell 7.6%.Eli Lilly (LLY) said the US Food and Drug Administration approved Mounjaro to lower the risk of major adverse cardiovascular events in adults with type 2 diabetes who are at high risk for those events. Lilly shares were down 0.8%.Quoin Pharmaceuticals (QNRX) reported interim data from its ongoing phase 2/3 study of QRX003 4% lotion in patients with netherton syndrome and also entered into a securities purchase agreement with new and existing healthcare-focused institutional investors to raise up to about $50 million in gross proceeds. Its shares surged about 29%.
