-- Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index and the State Street Healthcare Select Sector SPDR ETF (XLV) each shedding about 0.9%. The iShares Biotechnology ETF (IBB) decreased 0.3%.
In sector news, President Donald Trump has approved a plan to fire the US Food and Drug Administration Commissioner Marty Makary, the Wall Street Journal reported Friday. Trump expressed displeasure in recent days with Makary for taking too long to approve flavored vapes and nicotine pouches, the Journal reported earlier this week.
In corporate news, Zoetis (ZTS) shares fell past 5% after Ameriprise downgraded the stock to hold from buy following its Q1 results Thursday. UBS also cut its price target to $99 from $130, and Jefferies to $117 from $155.
Traws Pharma (TRAW) shares surged 28%. The company said Friday it plans to develop potential therapies for the treatment and prevention of hantavirus infections using its portfolio of antiviral drug candidates targeting negative-strand RNA viruses.
Novo Nordisk (NVO) saw a 40% month-on-month surge in April sales of its diabetes and weight-loss drugs in India after slashing prices, despite a flood of generic versions, Bloomberg reported, citing data from market researcher Pharmarack. Novo added 0.5%.
PTC Therapeutics (PTCT) shares jumped past 14% after posting a smaller-than-expected net loss for Q1, as well as total revenue that surpassed analysts' consensus.