Economy

January 5, 2024 Health Care Sector Update: Latest News on LFCR, ALC, ANGO, CVS, AGL

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Health care stocks were easing late Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 0.2%.

The iShares Biotechnology ETF (IBB) fell 0.4%.

In corporate news, Lifecore Biomedical (LFCR) shares jumped 13% after the company said it finalized a series of updated commercial arrangements with long-time customer Alcon (ALC), including an eight-year extension of its contract manufacturing agreement. Alcon slid 0.3%.

AngioDynamics (ANGO) slumped almost 20% after swinging to an adjusted loss, missing Wall Street expectations on its fiscal Q2 revenue and cutting its fiscal 2024 forecast below consensus.

CVS Health (CVS) appointed interim Chief Financial Officer Tom Cowhey as its permanent finance chief. CVS shares rose almost 1%.

Agilon Health (AGL) shares tumbled 28% after the company trimmed its 2023 revenue guidance and as JPMorgan downgraded the stock to neutral from overweight and cut its price target to $9 from $17.

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