Health-care companies experienced a resurgence as traders showed renewed interest in some of the growth stocks that previously led the market before a recent downturn.
Eli Lilly Announces Retirement Plans of Diabetes and Obesity Franchise Head
Shares of Eli Lilly rose following the announcement that the head of the pharmaceutical company’s rapidly growing diabetes and obesity franchise will retire at the end of this year, after an impressive 34-year tenure. As a result, rival obesity drug maker Novo Nordisk also saw an increase in its stock value.
Pfizer Lags Behind the Health-care Sector
In contrast, Pfizer, a prominent Big Pharma company, has struggled to keep pace with the broader health-care sector throughout this year. Despite initially weathering the late-September selloff better than most companies, Pfizer experienced a decline in its stock performance.
Record-breaking U.S. Healthcare Strike
More than 75,000 nurses, pharmacists, and other employees from the Kaiser Permanente health system recently staged the largest healthcare strike in U.S. history. The California-based firm, known for pioneering the integration of health insurance and provider facilities, now faces wage and benefit demands similar to those made by the United Auto Workers union during Detroit strikes.
Tilray Reports Wider Loss in First Quarter
Tilray, a marijuana producer, encountered a setback as its fiscal first-quarter loss exceeded expectations, leading to a decline in its shares.
Innovative Combination Vaccine Shows Promising Results
Biotechnology company Moderna announced the success of its first combination vaccine during an early-stage trial. This groundbreaking vaccine is designed to protect against both influenza and Covid-19. If all goes according to plan, it could potentially be ready for launch as early as 2025.
