Sector Update: Health Care Stocks Softer Late Afternoon
Health care stocks declined late Friday, with the NYSE Health Care Index down 0.1% and the Health Care Select Sector SPDR Fund (XLV) down 0.2%. The iShares Biotechnology ETF (IBB) fell 1%. Johnson & Johnson's Janssen Products was ordered to pay $1.64 billion for unlawful promotion of HIV/AIDS drugs, while its shares rose 0.5%. Novartis shares increased 1% after FDA approval of Pluvicto. Milestone Pharmaceuticals shares dropped 61% due to FDA concerns, and PTC Therapeutics shares fell 1.4% after the European Commission's recommendation against renewing Translarna's marketing authorization.
Health care stocks eased late Friday afternoon, with the NYSE Health Care Index down 0.1% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.2%.
The iShares Biotechnology ETF (IBB) fell 1%.
In corporate news, a federal district court judge in New Jersey ordered Johnson & Johnson's Janssen Products unit to pay the US government $1.64 billion in damages and civil penalties after a jury found the unit liable for "unlawfully promoting" two HIV/AIDS drugs last year. Johnson & Johnson shares rose 0.5%.
Novartis shares rose 1% after the US Food and Drug Administration approved h3 company's radioligand therapy Pluvicto for earlier use before chemotherapy in prostate cancer patients.
Milestone Pharmaceuticals shares tumbled 61% after US Food and Drug Administration highlighted two issues regarding the company's new drug application for nasal spray etripamil for paroxysmal supraventricular tachycardia.
PTC Therapeutics shares fell 1.4% after the European Commission adopted the recommendation of the Committee for Medicinal Products for Human Use to not renew the marketing authorization the company's Translarna, a treatment for nonsense mutation Duchenne muscular dystrophy.
