Sector Update: Health Care Stocks Edge Higher in Late Afternoon

03:55 PM EDT, 08/27/2024 (MT Newswires) -- Health care stocks edged higher late Tuesday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both up 0.1%.

The iShares Biotechnology ETF (IBB) eased 0.1%.

In corporate news, Cosciens Biopharma (CSCI) shares plunged 32% after the company said top-line results from a phase 3 trial assessing macimorelin to diagnose Childhood Onset Growth Hormone Deficiency showed the study didn't meet its primary efficacy endpoint.

Trinity Biotech (TRIB) shares jumped 22%, a day after the company received substantial additional orders for TrinScreen HIV, leading to an increase in its 2024 sales revenue outlook for the product to $10 million from $8 million.

Insulet (PODD) shares jumped 6.3% after the company said the US Food and Drug Administration approved its Omnipod 5 automated insulin delivery system for adults with type 2 diabetes.

Eli Lilly (LLY) launched a new, cheaper version of its weight-loss drug Zepbound to expand the product's access and meet high demand. The shares added 0.2%.