Sector Update: Health Care Stocks Softer Late Afternoon

Health care stocks experienced a decline late Thursday, with the NYSE Health Care Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) down 0.7%. Notably, Entrada Therapeutics (TRDA) shares plummeted 57% due to disappointing trial results for a drug aimed at Duchenne muscular dystrophy. Iovance Biotherapeutics (IOVA) shares fell over 13% after a narrower-than-expected Q1 loss and missed revenue estimates. Harmony Biosciences (HRMY) shares dropped 5.5% following disappointing Q1 earnings. Conversely, Catalyst Pharmaceuticals (CPRX) shares rose 2.1% after announcing an acquisition by Angelini Pharma valued at approximately $4.1 billion.