Health Care Sector Update for 01/16/2024: ALLK, ACRS, VTR

Health care stocks fell in afternoon trading with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) off 0.5%.

The iShares Biotechnology ETF (IBB) fell 1.3%.

In corporate news, Allakos (ALLK) shares plunged 59% after the company said it will cut its workforce by 50% in a restructuring to extend its cash runway into mid-2026 after mid-stage trials of lirentelimab in people with atopic dermatitis and chronic spontaneous urticaria didn't meet primary endpoints.

Aclaris Therapeutics (ACRS) jumped 26% after the company launched a strategic review to "maximize shareholder return" and said Chief Executive Officer Douglas Manion will step down, effective immediately.

Ventas (VTR) is poised for "strong core growth" to flow into earnings in 2024 and 2025, BofA Securities said Tuesday, upgrading its rating on the stock to buy from neutral. Ventas shares rose 1.3%.

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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