Sector Update: Health Care Stocks Drifting Lower

Health care stocks were mostly lower this afternoon, with the NYSE Health Care Index sinking 0.5% and the SPDR Health Care Select Sector ETF XLV down 0.3%.

The Nasdaq Biotechnology index was climbing 0.5%.

In company news, TherapeuticsMD TXMD tumbled over 44% after the drug maker said it expects the proposed buyout of the drug maker by EW Healthcare Partners to be terminated because the private-equity firm's $10-per-share tender offer fell short of acquiring a majority of TherapeuticsMD shares needed for the deal to move forward by a deadline late Tuesday.

Masimo MASI fell 3.9% after the medical technology company said Kevin Duffy, the former CEO of Sound United will leave the company August 5 after working as president of Masimo's consumer division since its $1.03 billion purchase of the audio equipment firm in April. He will, however, continue to assist Masimo with transition and other issues as needed following his departure, the company said in a regulatory filing.

BioNTech BNTX added 5.0% after SVB Securities raised its stock rating for the COVID-19 vaccine company to outperform from market perform previously but also trimming its price target for BioNTech shares by $30 to $223 each.