Sector Update: Healthcare Stocks Softer Late Afternoon
Healthcare stocks declined late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) dropped 2.9%.In corporate news, Vera Therapeutics (VERA) said Tuesday it aligned with the US Food and Drug Administration on a revised analysis plan for its phase 3 Origin trial of atacicept in adults with IgA nephropathy. Its shares fell past 7%.Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 43%.Heron Therapeutics (HRTX) shares dropped 42% after the company said the US District Court for the District of Delaware has ruled that claims in two of its Cinvanti injectable emulsion patents are invalid.Praxis Precision Medicines' (PRAX) shares lost 20% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.
