Health care stocks fell late Tuesday afternoon, with the NYSE Health Care Index down 0.8% and the Health Care Select Sector SPDR Fund (XLV) shedding 1%.
The iShares Biotechnology ETF (IBB) dropped 1.2%.
In corporate news, 2seventy bio (TSVT) shares surged nearly 77%. The company said late Monday that it agreed to be acquired by Bristol Myers Squibb (BMY) for $5 per share in an all-cash deal valuing it at about $286 million.
Tenon Medical (TNON) shares jumped 30% after it said late Monday that the European patent office notified the company that two additional patents directed at the Catamaran SI Joint Fixation Device were approved for a grant within the European Community.
Guardant Health (GH) shares rose 18% after the Centers for Medicare & Medicaid Services approved Advanced Diagnostic Laboratory Test status for its Shield blood test for colorectal cancer screening.
Arvinas (ARVN) and Pfizer (PFE) said a phase 3 trial of vepdegestrant to treat advanced or metastatic breast cancer met its primary endpoint in the estrogen receptor 1-mutant population, but didn't reach statistical significance in progression-free survival improvement in the intent-to-treat population. Arvinas shares tumbled 52%, and Pfizer was down 2.3%.
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