Healthcare Stocks Mixed Pre-Bell Amid Clinical Trial Results and New Payment Rates

Healthcare stocks were trading mixed pre-bell on Tuesday, September 22nd. The State Street Health Care Select Sector SPDR ETF (XLV) was down by 0.2% while the iShares Biotechnology ETF (IBB) gained 0.6%. Viking Therapeutics (VKTX) shares surged more than 24% after releasing data from a clinical study of its subcutaneous VK2735, which showed superior weight maintenance under less frequent dosing regimens compared to placebo over a 12-week period.

On the other hand, Quest Diagnostics (DGX) and Labcorp (LH) shares dropped more than 6% due to new payment rates for laboratory services announced by the Centers for Medicare & Medicaid Services. These new rates are expected to save $1 billion annually.

Vertex Pharmaceuticals (VRTX) stock also saw a boost, gaining over 2%, after reporting results from a phase 2b study of inaxaplin for patients with APOL1-mediated kidney disease. The study showed a significant reduction in protein levels and a substantial decrease in patients with type 2 diabetes.