Sector Update: Health Care Stocks Carried Higher with Monday Markets

Last Updated: Monday, August 15, 2022 3:57 PM | MT Newswires

Health care stocks were broadly higher this afternoon, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF (XLV) was up 0.6%.

The Nasdaq Biotechnology index also was climbing 1.6%.

In company news, Cardinal Health (CAH) was holding on to a 1.1% advance late in Monday trading following reports activist investors Elliott Management wants to name several directors to the drug distributor's board. Elliott nominated five director candidates for Cardinal's 11-member board about two weeks ago although it was unclear whether the hedge fund was seeking specific changes at the company, The Wall Street Journal said, citing unnamed sources familiar with the matter.

Viridian Therapeutics (VRDN) rallied Monday, at one point climbing over 72% to its best share price since January 2020, after saying its VRDN-001 drug candidate improved the signs and symptoms of patients with thyroid eye disease during phase 1/2 testing. Patients with the autoimmune disorder who received two injections of VRDN-001 showed a 75% complete resolution of their double vision six weeks after their first dose, according to the company.

Plus Therapeutics (PSTV) rose 7.3% after the neuro-oncology medications company this weekend reported positive data from two early-stage trials of its Rhenium-186 nanoliposome drug candidate in patients with difficult-to-treat forms of cancer. The company Monday also authorized a new, $2 million stock buyback program.

Moderna (MRNA) added 3.2% after the messenger-RNA therapeutics and vaccines firm said UK regulators have conditionally approved the company's bivalent booster vaccine for COVID-19 in people age 18 and older.

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