Home Medical stocks Sector Update: Health Care Stocks Slide Amid Steep Biotech Decline

Sector Update: Health Care Stocks Slide Amid Steep Biotech Decline

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Health care stocks were lower Wednesday afternoon, with the NYSE Health Care Index and the SPDR Health Care Select Sector ETF (XLV) both down 0.3%.

The Nasdaq Biotechnology index was losing 1.8% ahead of the closing bell.

In company news, Outset Medical (OM) slid 6.8% after the medical technology company overnight disclosed plans for a public offering of 2.5 million common shares alongside an offering of 2.5 million shares by certain stockholders.

FibroGen (FGEN) plunged Wednesday, at one point dropping 43% to its lowest share price since 2016, after saying it “cannot conclude” its roxadustat drug candidate to treat dialysis-related anemia reduces the risk of heart attacks, stroke and other major adverse cardiovascular events in patients with chronic kidney disease compared with another anemia drug already on the market in the US.

9 Meters Biopharma (NMTR) rose almost 12% after regulatory filings showed CEO John Temperato and chief financial officer Edward Sitar Monday bought 100,000 and 50,000 shares, respectively, of the specialty drug company’s stock at $1 apiece. Board member Mark Sirgo acquired 300,000 shares at the same price.

Envista Holdings (NVST) climbed 6.7% after S&P Dow Jones Indices late Tuesday said the dental implants company will replace InterDigital (IDCC) in the S&P MidCap 400 before the start of trading April 12.

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