Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.3%.
The iShares Biotechnology ETF (IBB) slumped 1.6%.
In corporate news, UnitedHealth (UNH) allegedly paid thousands of dollars in bonuses to nursing homes where it installed its own medical teams and pressured them to help cut care expenses for residents, The Guardian reported. UnitedHealth shares were falling 5%.
UroGen Pharma (URGN) shares tumbled 47% after it said its UGN-102 bladder cancer drug failed to receive the backing of a US Food and Drug Administration advisory committee.
Akoya Biosciences (AKYA) shares jumped 25% after it said in a Wednesday filing that it received an unsolicited acquisition proposal from an undisclosed third party, which offered $1.40 in cash for each Akoya common share.
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.