Sector Update: Health Care Stocks Slipping Underwater Again in Recent Trade

Last Updated: Monday, June 28, 2021 1:36 PM | MT Newswires

Health care stocks were edging lower this afternoon, with the NYSE Health Care Index falling 0.2% while the SPDR Health Care Select Sector ETF also was down 0.2%.

The Nasdaq Biotechnology index, however, was climbing 0.6%.

In company news, Exelixis (EXEL) fell almost 22% after saying a combination of its cabozantinib drug candidate and the previously approved atezolizumab cancer medication met one of its primary co-primary endpoints during a phase III trial, reducing the risk of disease progression or death by 37% in patients with advanced hepatocellular carcinoma compared with atezolizumab alone but failing to show a statistical significant improvement in overall survival.

Global Blood Therapeutics (GBT) dropped 9% after a JPMorgan downgrade to neutral from overweight previously coupled with a $34 reduction in its price target for its stock to $36 a share.

Intellia Therapeutics (NTLA) rallied Monday, at one point climbing almost 63% to a best-ever $144.40 a share, after the genome editing company and Regeneron (REGN) reported positive interim data from phase I testing of their NTLA-2001 CRISPR/Cas9-based therapy candidate for hereditary transthyretin amyloidosis, with mean reductions of 52% in serum TTR levels among the three patients in the 0.1 milligram per kilogram dose group and a 87% mean drop by the three patients in the 0.3 milligram per kilogram dose group. The shares of several other genome-editing companies, including Editas Medicine (EDIT) and CRISPR Therapeutics (CRSP) also were significantly higher this afternoon.

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