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Health Care Down as Investors Flee Defensive Sectors -- Health Care Roundup

09/26/2022 | 05:12pm EST

Health-care companies fell sharply as traders retreated from sectors of all stripes.

The defensive characteristics of health care and utilities sectors had supported them during the recent rout. In recent sessions, investors lost faith in the ability of these companies to withstand a potential recession and rising interest rates any better than the broad market.

Pharmaceutical firm GSK hired the finance chief of British luxury fashion group Burberry Group to lead its finances as it focuses on drug development following the sale of its consumer-health business.

Pfizer and BioNTech asked U.S. health regulators to clear use of their updated Covid-19 booster in children five years to 11 years.

Medical technology executives have commented on "improving macro conditions relative to a few months ago [and] a stable demand/procedure volume picture," said strategists at brokerage Goldman Sachs Group, in a note to clients.

Shares of Avenue Therapeutics plunged, continuing a slide related to a reverse-stock split adjusted basis.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-26-22 1711ET

Stocks mentioned in the article
ChangeLast1st jan.
BIONTECH SE -0.88% 170.3 Delayed Quote.-33.36%
BURBERRY GROUP PLC 1.14% 2137 Delayed Quote.17.58%
GSK PLC -1.74% 1457.8 Delayed Quote.-11.30%
PFIZER, INC. -0.12% 51.72 Delayed Quote.-12.31%
THE GOLDMAN SACHS GROUP, INC. 0.30% 359.14 Delayed Quote.-6.12%
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