Sector Update: Health Care Stocks Narrowly Stay on Positive Ground

Last Updated: Friday, June 17, 2022 4:03 PM | MT Newswires

Health care stocks hung on for narrow gains this afternoon, with the NYSE Health Care Index rising 0.2% and the SPDR Health Care Select Sector ETF (XLV) up 0.3%.

The Nasdaq Biotechnology index, however, was climbing 3.5%.

In company news, Scholar Rock (SRRK) rose nearly 11% after the specialty drug maker said its apitegromab drug candidate produced continued improvement in non-ambulatory patients with spinal muscular atrophy after 24 months.

Seagen (SGEN) added almost 13% after a Wall Street Journal report Merck (MRK) was in talks to acquire the cancer therapy company. The companies also are discussing a potential marketing agreement in case the deal runs into regulatory difficulties, the newspaper said, citing unnamed sources. Merck shares fell 0.4%.

Among decliners, UnitedHealth Group (UNH) fell 0.9% after the health care benefits manager announced its all-cash acquisition of London-traded Emis, paying 1.24 billion British pounds ($1.52), or 1,925 pence ($2.35) per share, for the health technology firm.

Addex Therapeutics (ADXN) plunged Friday, at one point sinking nearly 61% to a record low of $1.42 a share, after the Swiss biopharmaceuticals company withdrew its financial guidance and canceled a late-stage study of its dipraglurant drug candidate to treat Parkinson's-associated dyskinesia, blaming COVID-19 concerns and staffing shortages for negatively affecting patient recruitment.

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