Health Care Sector Update for 11/28/2023: NVCR, RNA, EBS

Health care stocks fell Tuesday afternoon with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.3%.

The iShares Biotechnology ETF (IBB) dropped 0.6%.

In corporate news, NovoCure (NVCR) shares rose 2.6% after the company said it aims to cut $60 million in residual operating expenses under a restructuring plan that includes reducing its workforce by 13%.

Avidity Biosciences (RNA) jumped 19%. The company is collaborating with Bristol-Myers Squibb (BMY) to discover, develop, and market up to five cardiovascular targets using the former's antibody oligonucleotide conjugates technology with potential payments of up to $2.3 billion.

Emergent Biosolutions (EBS) said Tuesday it was awarded a $75 million option by the US government for the procurement of the company's newly licensed Cyfendus anthrax vaccine. Its shares fell 3.9%.

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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