Sector Update: Health Care Stocks Softer Friday Afternoon

Health care stocks eased Friday afternoon with the NYSE Health Care Index down 0.1% and the Health Care Select Sector SPDR Fund (XLV) marginally higher.

The iShares Biotechnology ETF (IBB) fell 0.3%.

In corporate news, Moderna MRNA won a favorable decision in its Covid-19 vaccine dispute with Pfizer PFE and BioNTech BNTX from the European Patent Office's Opposition Division, upholding the validity of one of two disputed patents, the Financial Times reported. Moderna shares gained 0.5%, Pfizer fell 1% and BioNTech dropped 0.7%.

Arbutus Biopharma ABUS shareholder Whitefort Capital Management issued an open letter to shareholders Friday urging the company to stop further share issuances and explore strategic alternatives for its hepatitis B portfolio. Arbutus shares popped 3.5%.

Doximity DOCS shares surged 17% after Truist Securities raised the company's price target following its fiscal Q4 results.