Sector Update: Health Care Stocks Retreat Wednesday Afternoon

01:54 PM EDT, 09/04/2024 (MT Newswires) -- Health care stocks were declining Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each down 0.6%.

The iShares Biotechnology ETF (IBB) eased 0.3%.

In corporate news, Johnson & Johnson (JNJ) was ordered to pay over $1 billion in damages for breaching its pledge to prioritize two surgical robots it acquired when it purchased Auris Health. Johnson & Johnson shares were falling 0.5%.

Athira Pharma (ATHA) shares plunged more than 77% after the company said overnight that its phase 2/3 trial of fosgonimeton in people with mild-to-moderate Alzheimer's disease failed to achieve the primary and key secondary endpoints.

Oragenics (OGEN) shares tumbled 45% after the company priced a public offering of about 8.1 million shares at $0.55 apiece for gross proceeds of nearly $4.5 million.