Health-care companies fell slightly as a rebound for high-risk niches such as biotechnology stalled.
Zimmer Biomet shares fell after reports that Chief Executive Bryan Hanson was leaving the medical-device maker for industrial conglomerate 3M, a development that would leave Zimmer without the chief architect of its recent turnaround, according to analysts at brokerage Citi.
Recent data showing that Novo Nordisk's weight-loss drug Wegovy reduced the risk of heart attacks and other adverse events for obese patients proves that "'weight management saves lives,'" said analysts at brokerage Morgan Stanley. The Morgan Stanley analysts said data from a presentation scheduled for November at the American Heart Association meeting in Philadelphia "have the potential to further increase excitement surrounding the use of [new weight-loss] medicines more broadly."
Novo Nordisk shares ticked down, but have risen by more than one-third for the year to date.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-22-23 1755ET
