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Healthcare Shares Fall Amid Concerns About Delta Variant -- Healthcare Roundup

09/20/2021 | 05:26pm EDT

Shares of healthcare companies were lower as concerns over China Evergrande struck as investors had already grown more cautious about the outlook for stocks, after a booming rally for much of the year.

Money managers have said valuations look elevated and pointed to signs that the economic recovery in the U.S. has lost steam amid the spread of the Delta variant of the coronavirus.

Pfizer and partner BioNTech said their Covid-19 vaccine was found to be safe in children ages 5 to 11 years in a late-stage study and generated a strong immune response in them, bringing the prospect of broader vaccination coverage closer.

Meanwhile, CVS Health, one of the biggest U.S. providers of Covid-19 tests and vaccines, is racing to hire thousands of workers as staffing shortages prompt stores to close drive-through lanes and at times turn away customers seeking shots.

The largest U.S. pharmacy chain by stores said it plans to add 25,000 employees this week in a single-day hiring spree to prepare for a potential surge in demand from booster shots and as more people seek Covid-19 tests and flu vaccines.

AstraZeneca shares rose after it said its breast cancer drug Enhertu significantly reduced the risk of dying or disease progression in women with advanced disease in a large clinical trial, the latest sign that its push into oncology is starting to pay off.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

09-20-21 1725ET

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