Health care stocks were lower Tuesday afternoon, with the NYSE Health Care Index falling 2.6% and the Health Care Select Sector SPDR Fund (XLV) dropping 2.3%.
The iShares Biotechnology ETF (IBB) shed 1.5%.
In corporate news, UnitedHealth (UNH) suspended its full-year outlook amid higher-than-expected medical costs, while Andrew Witty stepped down as chief executive due to "personal reasons." UnitedHealth shares fell more than 16%.
Alumis (ALMS) shares fell past 8%. Shareholders of Alumis and
Acelyrin (SLRN) separately approved their merger deal at special meetings. Acelyrin shares also fell over 9%.
CNS Pharmaceuticals (CNSP) shares jumped 35% after the company said it has acquired from Cortice Biosciences an orphan drug designation for late-stage abeotaxane TPI 287 as a potential treatment for glioblastoma multiforme.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.