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Sector Update: Health Care Stocks Still Looking to Establish Friday Direction

MT Newswires ·  {{timeTz}}

01:43 PM EDT, 09/30/2022 (MT Newswires) -- Health care stocks were narrowly mixed this afternoon, with the NYSE Health Care Index rising 0.1% while the SPDR Health Care Select Sector ETF (XLV) was down 0.1%.

The Nasdaq Biotechnology index, however, was climbing 1.3%.

In company news, Illumina (ILMN) was sinking almost 1% this afternoon, paring most of a more than 5% mid-morning slide that followed Barclays reiterating its underweight stock rating for the genomic assay company but also increasing its price target for Illumina shares by $45 to $175.

Verastem (VSTM) was rising 0.2%. The biopharmaceuticals company Friday said it has started the search for a permanent chief financial officer amid plans by incumbent CFO Robert Gagnon to step down on Oct. 31. Daniel Calkins, vice president of finance, will serve as its principal financial and accounting officer on an interim basis, the firm said.

Teva Pharmaceutical (TEVA) added 4.3% after Friday saying it will pay about $3.3 million to settle price-fixing claims against the generic drug maker by state officials in Georgia.

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