-- Health care stocks declined Monday afternoon, with the NYSE Health Care Index down 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.3%.
The iShares Biotechnology ETF (IBB) added 0.8%.
In corporate news, Replimune (REPL) is facing "significant risk" related to its ongoing phase 3 trial of RP1 in melanoma after the US Food and Drug Administration rejected the company's biologics license application for the product candidate, Wedbush Securities said in a note. Wedbush downgraded its rating on Replimune to neutral from outperform, with a lower price target of $2 from $19. Replimune shares tumbled 64%.
Seer (SEER) shares jumped 12%. The company has received a non-binding proposal from the Radoff-JEC Group to acquire the company for $2.25 per share in cash plus a contingent value right, the latter said.
Revolution Medicines (RVMD) shares surged 39% after it said Monday the phase 3 trial of its experimental drug daraxonrasib to treat a type of pancreatic cancer met key goals.
Spyre Therapeutics (SYRE) shares jumped 28% after the company said its SPY001 investigational treatment for moderate-to-severely active ulcerative colitis met its primary and key secondary endpoints in a phase 2 trial.