Health Care Sector Update for 06/03/2024: CRBU, MBOT, BPTH, WM, SRCL

Health care stocks rose late Monday afternoon with the NYSE Health Care Index adding 0.5% and the Health Care Select Sector SPDR Fund (XLV) up 0.6%.

The iShares Biotechnology ETF (IBB) advanced 1.1%.

In corporate news, Caribou Biosciences (CRBU) shares tumbled 26% after Evercore ISI downgraded the stock following the company's release of updated data from an early-stage trial of CB-010.

Bio-Path (BPTH) shares soared 50% after the company reported positive interim data from a phase 2 trial of prexigebersen plus decitabine and venetoclax to treat acute myeloid leukemia.

Microbot Medical (MBOT) shares surged 37% the company received approval from the US Food and Drug Administration to start its human clinical trial as part of its investigational device exemption application for its Liberty Endovascular Robotic Surgical System. Separately, Microbot signed agreements to sell about 1.6 million shares at $1.50 a share in a registered direct offering. It will also issue series F preferred investment options to buy up to about 3.1 million shares in a concurrent placement.

Waste Management (WM) agreed to buy medical waste disposal company Stericycle (SRCL) for $7.2 billion, including $1.4 billion in debt. Stericycle shares jumped 15%, and Waste Management fell 4.6%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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