The broader retreat across the healthcare industry reflects growing anxiety over the cost of capital. Higher borrowing rates threaten to squeeze funding requirements for companies already navigating a complex macroeconomic environment. This shift in sentiment underscores how sensitive the sector remains to central bank rhetoric, even as some individual equities manage to defy the downward pressure.

Moderna remains a notable outlier in this cooling market. Shares of the biotech firm extended their winning streak to six consecutive sessions as the company awaits the outcome of a U.S. Food and Drug Administration advisory committee review regarding its latest influenza vaccine candidate.