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Sector Update: Health Care Stocks Slightly Higher Late Afternoon

MT Newswires
·1-min read

Health care stocks were slightly higher late Wednesday afternoon, with the NYSE Health Care Index edging up 0.1% and the Health Care Select Sector SPDR Fund (XLV) adding 0.2%.

The iShares Biotechnology ETF (IBB) gained 0.7%.

In corporate news, Pfizer (PFE) said Wednesday that the first phase of its multiyear cost-cutting program focuses on operational efficiencies and will generate savings of about $1.5 billion by 2027. Its shares spiked 3.7%.

Anavex Life Sciences (AVXL) shares were up more than 3% after the firm reported new appointments to its leadership team.

Biogen (BIIB) struck a deal to buy privately held Human Immunology Biosciences for up to $1.8 billion, expanding its rare disease pipeline with an investigational candidate that aims to treat a kidney-specific disease. Biogen shares were 1.1% lower.

Amphastar Pharmaceuticals (AMPH) shares gained 3.7% after the US Food and Drug Administration approved its abbreviated new drug application for albuterol sulfate inhalation aerosol to treat bronchospasm in patients aged four and older.