Health Care Sector Update for 03/05/2024: APGE, CDIO, FMS, DVA

Health care stocks were declining Tuesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.7%.

The iShares Biotechnology ETF (IBB) fell 0.8%.

In corporate news, Apogee Therapeutics (APGE) shares jumped 44% after the drugmaker reported positive interim results from the phase 1 trial of APG777, prompting Wedbush to raise its price target.

Cardio Diagnostics (CDIO) shares popped 19% after the US Patent and Trademark Office issued a notice of allowance to the University of Iowa Research Foundation for compositions and methods for detecting predisposition to cardiovascular disease, which is licensed to the company.

Fresenius Medical Care (FMS) reported the sale of its dialysis clinic networks in Brazil, Colombia, Chile and Ecuador to DaVita (DVA) for $300 million. Fresenius shares jumped 11% and DaVita gained over 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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