Sector Update: Health Care Stocks Fall Premarket Wednesday

09:16 AM EDT, 09/04/2024 (MT Newswires) -- Health care stocks fell in premarket hours Wednesday as The Health Care Select Sector SPDR Fund (XLV) declined by 0.4% and the iShares Biotechnology ETF (IBB) was down 0.7%.

Athira Pharma (ATHA) shares were down more than 75% after the company said overnight that its phase 2/3 trial of fosgonimeton in patients with mild-to-moderate Alzheimer's disease failed to achieve the primary and main secondary endpoints.

Ascendis Pharma (ASND) stock was nearly 15% lower after the company reported a Q2 revenue of 36 million euros ($38.7 million), down from 47.4 million euros a year earlier.

Clover Health Investments (CLOV) shares were up more than 6% after the company's Counterpart Health subsidiary unveiled a multi-year agreement with The Iowa Clinic, a US healthcare group in the Midwest.