Health-care company stocks traded slightly lower amid a late retreat by the broader market following the latest economic reports, including tame inflation and improved sentiment.

A key adviser to Alzheimer's drug developer Cassava Sciences was indicted by a federal grand jury this week for allegedly submitting fabricated and falsified scientific data to obtain $16 million in grants from the National Institutes of Health.

Hoau-Yan Wang, a medical professor at the CUNY School of Medicine at the City College of New York, co-wrote multiple journal articles with Cassava that supported the scientific rationale for its drug Simufilam, which is currently in late-stage testing in Alzheimer's disease.


Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

06-28-24 1746ET