Sector Update: Healthcare Stocks Mixed Late Afternoon
Healthcare stocks were mixed late Friday afternoon, with the NYSE Healthcare Index unchanged and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.The iShares Biotechnology ETF (IBB) was up 0.1%.In corporate news, Eli Lilly's (LLY) long-term GLP-1 franchise is unlikely to face significant pressure from generic GLP-1 drugs, as manufacturing constraints should limit generic market penetration while the company's next-generation therapies are expected to preserve its market leadership, UBS Securities said in a note. Lilly shares were up 0.7%.Intuitive Surgical (ISRG) shares fell nearly 14%. Growth in the company's da Vinci robotic surgery procedures in the US moderated due in part to changes in Affordable Care Act premium subsidies, even as it reported better-than-expected quarterly results.GSK (GSK) shares were down 2.1% after it said Friday it will discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.Xencor (XNCR) shares jumped about 13% after the firm said Friday that phase 1 results for its experimental cancer therapy XmAb819 in advanced clear cell renal cell carcinoma have been selected for a proffered paper oral presentation at the European Society of Medical Oncology Congress in October.
