09:11 AM EST, 11/27/2024 (MT Newswires) -- Health care stocks rose premarket Wednesday as the Health Care Select Sector SPDR Fund ( XLV ) advanced by 0.2% and the iShares Biotechnology ETF (IBB) was recently up 0.6%.

Outlook Therapeutics ( OTLK ) shares tumbled by over 79% after the company said preliminary results from the second of two clinical trials evaluating its experimental drug ONS-5010, an opthalmic formulation of bevacizumab in wet age-related macular degeneration patients, did not meet the pre-specified non-inferiority endpoint in the special protocol assessment with the US Food and Drug Administration.

BeiGene ( BGNE ) shares were up more than 5% after the company said the European Commission has approved Tevimbra in combination with chemotherapy for the first-line treatment of esophageal squamous cell carcinoma and gastric or gastroesophageal junction adenocarcinoma.

Grifols ( GRFS ) has decided not to welcome a new takeover bid by a third party as Brookfield Asset Management ( BAM ) intends to walk away from its plan to acquire the company, Bloomberg reported, citing the Grifols ( GRFS ) family. Grifols ( GRFS ) shares fell by over 13% premarket.