Health-care companies rose, but not by as much as the broad market, amid a rotation into sectors more affected by the outlook for growth and inflation.
Drug giant Bristol Myers Squibb rallied after the Food and Drug Administration granted commercial approval to its Sotyktu drug for the treatment of moderate-to-severe plaque psoriasis, the first new entrant in the market to treat this common medical condition for several years.
Amgen, which produces the current leading psoriasis treatment, said its lung-cancer pill Lumakras beat out a common chemotherapy in a late-stage study, helping patients survive without their tumors getting worse, but failed to prove that it reduced overall deaths.
Amgen shares declined. Annovis Bio shares surged for the third consecutive trading day, as speculators piled into shares of a company developing treatments for Alzheimer's disease and Parkinson's disease.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-12-22 1708ET
