INSM

Health Care Sector Update for 05/28/2024: INSM, CALT, JNJ, NVO

Health care stocks declined in late Tuesday afternoon trading, with the NYSE Health Care Index falling 1.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 1.4%.

The iShares Biotechnology ETF (IBB) dropped 1.3%.

In corporate news, Insmed (INSM) shares more than doubled after the company said its experimental drug brensocatib, a treatment candidate for bronchiectasis lung disease, met its primary endpoint.

Calliditas Therapeutics (CALT) shares surged almost 70% after its board urged shareholders to accept a proposed $1.06 billion takeover by Asahi Kasei.

Johnson & Johnson (JNJ) agreed to buy Numab Therapeutics' subsidiary Yellow Jersey Therapeutics and global rights to its investigational skin disease treatment in an all-cash deal valued at $1.25 billion. Johnson & Johnson shares fell 1.8%.

Novo Nordisk (NVO) has told Senate Health Committee Chair Bernie Sanders it only keeps about 60% of the list price of its weight loss and diabetes drugs Ozempic and Wegovy in the US after the rebates and fees paid to middlemen in the country's health care system, Bloomberg reported Tuesday, citing a letter sent to the lawmaker on Friday. Novo shares were shedding 1.5%.

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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