Sector Update: Health Care Stocks Decline Monday Afternoon
Health care stocks declined on Monday, with the NYSE Health Care Index down 0.5% and the Health Care Select Sector SPDR Fund (XLV) down 0.1%. Novo Nordisk shares fell 9% following disappointing trial results for its weight loss drug. In contrast, Checkpoint Therapeutics shares surged nearly 62% after announcing an acquisition by Sun Pharmaceutical. BioNTech's shares dropped 2.6% after reporting a decline in Q4 revenue and projecting further sales decreases in 2025.
Health care stocks were lower Monday afternoon, with the NYSE Health Care Index shedding 0.5% and the Health Care Select Sector SPDR Fund (XLV) down 0.1%.
The iShares Biotechnology ETF (IBB) retreated 0.1%.
In corporate news, Novo Nordisk shares fell 9% after the latest trial results of the Danish drugmaker's investigative weight loss drug, CagriSema, trailed its own initial expectations.
Checkpoint Therapeutics shares were rising nearly 62% after the firm and India's Sun Pharmaceutical said Sunday that Checkpoint has agreed to be acquired by Sun for $4.10 a share in cash plus a non-transferable contingent value right.
BioNTech reported a decline in Q4 revenue and projected full-year sales to fall again in 2025. Its shares fell 2.6%.
