Sector Update: Health Care Stocks Decline Late Afternoon

MT Newswires Live

May 24

Health care stocks retreated late Friday afternoon, with the NYSE Health Care Index down 0.2% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.3%.

The iShares Biotechnology ETF (IBB) was down 0.1%.

In corporate news, Vivos Therapeutics (VVOS) shares jumped 9% after the company said it issued a $1.1 million convertible promissory note to V-Co Investors 2, with proceeds to be used for the acquisition of The Sleep Center of Nevada.

Bicara Therapeutics (BCAX) shares fell 43% after the company said late Thursday that its latest trial for a potential head and neck cancer treatment has yet to reach median overall survival.

Merus (MRUS) shares surged 32% after the company reported favorable interim cancer trial results in the previous day.

Imunon (IMNN) shares rallied 175%. It reported positive data showing an improvement in overall and progression-free survival from a phase 2 trial of IMNN-001 in ovarian cancer.

Fulcrum Therapeutics (FULC) shares gained 5% after Leerink upgraded the stock to outperform from market perform and raised its price target to $12 from $4.

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