Health Care Sector Update for 04/29/2024: ADXN, DCPH, ANVS, SGHT, ALC

Health care stocks were advancing late Monday afternoon, with the NYSE Health Care Index fractionally up and the Health Care Select Sector SPDR Fund (XLV) 0.1% higher.

The iShares Biotechnology ETF (IBB) climbed 1.3%.

In corporate news, Addex Therapeutics (ADXN) shares plunged 53% after the company said adjunctive administration of its investigational drug ADX71149 with levetiracetam or brivaracetam did not meet the primary goal of the phase 2 study.

Deciphera Pharmaceuticals (DCPH) on Monday agreed to be acquired by Japan's ONO Pharmaceutical through a tender offer in a deal worth about $2.4 billion. Deciphera shares soared 72%.

Sight Sciences (SGHT) said Monday it has received a jury trial verdict of $34 million related to the patent-infringement lawsuit it filed in September 2021 against Alcon (ALC) in the US District Court for the District of Delaware. Sight Sciences shares jumped almost 10%.

Annovis Bio (ANVS) sank 59% after the company's phase 2/3 study of buntanetap to treat mild to moderate Alzheimer's disease missed an efficacy endpoint "due to the limited number of patients and short trial duration."

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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