Industry update: Health care stocks rise in markets on Monday

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Health care stocks led markets higher on Monday afternoon, with the NYSE Health Care Index up 1.6% and the SPDR Health Care Select Sector ETF (XLV) up 1.7% .

The Nasdaq Biotechnology Index also climbed 0.9%.

In company news, Vaxcyte (PCVX) soared as much as 75% on Monday, hitting its best price since November 2020, after it said its vaccine candidate VAX-24 to treat invasive pneumococcal disease met or exceeded standards. of immunogenicity established for the 24 serotypes at its conventional dose of 2.2 micrograms during phase 1/2 tests.

Applied Genetic Technologies (AGTC) gained more than 58% after genetic therapies overnight said it had accepted a $23.5 million takeover offer from a newly created Syncona holding company (SYNC.L ), listed in London, which will pay $0.34 in cash for each Share applied, representing a 42% premium to Friday’s closing price, plus up to $50 million in additional future payouts based on success regulatory and commercial aspects of its clinical assets.

Tricida (TCDA) fell nearly 95%, falling at its worst $0.56 per share, after losing more than 94% in value after it said its drug candidate veverimer failed to meet its primary target of slow the progression of chronic kidney disease better than a placebo in phase 3 trials in patients with metabolic acidosis.

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