Health Care Sector Update for 05/24/2024: SCLX, MRUS, SMMT, LLY

Health care stocks were easing late Friday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both down 0.4%.

The iShares Biotechnology ETF (IBB) was little changed.

In corporate news, Scilex (SCLX) will be added to the MSCI Global Small Cap Index as of the market close May 31. Separately, Scilex said it sent a letter to the US House of Representatives requesting an investigation into alleged illegal market manipulation of its shares via naked short selling. Scilex shares rose 1.6%.

Merus (MRUS) shares surged 35% after the company presented positive data for two of its multispecific antibodies in cancer patients ahead of an industry conference next weekend.

Summit Therapeutics (SMMT) shares fell 22% after the company reported topline data associated with a phase 3 trial comparing ivonescimab plus chemotherapy with placebo plus chemotherapy in people with lung cancer.

Eli Lilly (LLY) is investing an additional $5.3 billion into its manufacturing site in Lebanon, Indiana, bringing the total investment to $9 billion. The company's shares eased 0.1%.

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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