Declines for health care stocks continued to pick up speed this afternoon, with the NYSE Health Care Index declining over 0.5% while shares of health care companies in the S&P 500 also were slipping nearly 0.7% as a group.
In company news, Quest Diagnostics (DGX) was narrowly lower this afternoon, sliding slightly underwater again late Tuesday after the health care diagnostics company today made a non-binding offer to acquire the outreach laboratory services business of Cape Cod Healthcare.
Financial terms of the transaction were not disclosed. The deal is subject to review by the Massachusetts Health Policy Commission and completion of a definitive purchase agreement. The acquisition is expected to close by Jan. 1, 2018, the companies said.