Sector Update: Healthcare Stocks Higher Late Afternoon
Healthcare stocks were higher late Monday afternoon, with the NYSE Healthcare Index up 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) gaining 0.2%.The iShares Biotechnology ETF (IBB) rose 0.9%.In corporate news, Zymeworks (ZYME) has agreed to buy Theravance Biopharma (TBPH) for $17 per share in a roughly $929 million deal, the companies said in separate statements. Zymeworks shares were down 0.6%, and Theravance fell 3.2%.Abbott Laboratories (ABT) shares were down 1.3%. The Wall Street Journal reported Sunday the company will not face criminal charges after the US Department of Justice closed a years-long investigation into its baby formula operations.QuidelOrtho (QDEL) shares surged 34%. The company is weighing the sale of its point-of-care testing business behind rapid COVID-19 antigen tests for about $1.5 billion, the Financial Times reported Saturday.Alkermes (ALKS) stock has been re-rated following a recent orexin-peer takeout, but upcoming orexin updates risk eroding newly ascribed orexin-related value, BofA Securities said in a note Monday. BofA downgraded Alkermes to underperform from neutral with a price target of $38. Shares were down 4.7%.
