Investing.com - Healthcare fell out of favor Monday, weighed down by a slump in shares of Bristol-Myers Squibb and AmerisourceBergen.
Bristol-Myers (NYSE:BMY) shares fell nearly 6% after the U.S. Food and Drug Administration extended the review period for the company's new cancer drug application by three months on the back of new data from the company's cancer clinical trial.
The FDA said it expected to reach an approval decision on the drug by or on May 20.
AmerisourceBergen (NYSE:ABC) fell nearly 3% as the company came under legal scrutiny amid a probe into whether it had breached fiduciary duties to Amerisource and its shareholders.
Celgene (NASDAQ:CELG) fell about 2% despite positive data from the Phase III study for its chemotherapy combination treatment for triple negative breast cancer patients.
The study, which tested the efficacy of the company's breast cancer treatment Abraxane in combination with Atezolizumab against Abraxane as a standalone treatment had "significantly reduced the risk of disease worsening or death," Celegene said.
The S&P 500 health care sector, fell nearly 1% at time of print, paring some of its gains from last week, which had followed an increased demand for health care stocks as investors de-risked their portfolios, reducing exposure to higher-growth sectors like tech.