Health Care Sector Update for 03/13/2024: LUNA, HRTX, UNH, JNJ, BMY

Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each sliding around 0.5%.

The iShares Biotechnology ETF (IBB) eased 0.1%.

In corporate news, Luna Innovations (LUNA) shares plunged almost 37% after the company said late Tuesday it will delay the release of its Q4 results.

Heron Therapeutics (HRTX) shares were soaring 26%, a day after the company reported better-than-expected Q4 results.

UnitedHealth (UNH) is under investigation from the US Department of Health & Human Services following a cyberattack on its Change Healthcare unit in late February, according to a statement Wednesday from the agency's Office for Civil Rights. UnitedHealth shares fell 0.3%.

The US Food and Drug Administration's staff on Wednesday raised concerns about whether the cancer cell therapies of Johnson & Johnson (JNJ) and Bristol Myers Squibb (BMY) would benefit adult patients with myeloma, a type of blood cancer, due to higher rate of early deaths in their respective late-stage trials, according to briefing documents. Johnson & Johnson shares were down 1.1% and Bristol Myers Squibb was shedding 3.3%.

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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