Financial Wire

Sector Update: Health Care Stocks Slide in Afternoon Trading

-- Health care stocks declined Thursday afternoon, with the NYSE Health Care Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) falling 1%.

The iShares Biotechnology ETF (IBB) dropped 1.2%.

In corporate news, Abbott Laboratories (ABT) lowered its full-year earnings outlook on Thursday to reflect the acquisition of cancer diagnostics company Exact Sciences, while the healthcare firm reported Q1 results above market estimates. Its shares fell past 6%.

QuidelOrtho (QDEL) shares tumbled 31%. The company said late Wednesday it expects preliminary unaudited revenue of $615 million to $620 million for Q1. Analysts polled by FactSet expect $677.8 million.

Hims & Hers Health (HIMS) shares rose past 7% after a senior US health official signaled plans to ease restrictions on certain peptides.

Organon (OGN) is a potential acquisition target by India's Sun Pharmaceutical Industries, Germany's Grunenthal, and private equity firms, Bloomberg reported. Organon shares added 0.7%.

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