Health-Care Stocks Gain as Investors Turn to Defensive Sectors

PepGen shares surged after the biotechnology company reported promising results for one of its treatments in an early-stage trial involving patients with a neuromuscular condition.

Oura, the maker of a smart ring, agreed to acquire Counsel Health, an AI-native primary-care company, for $625 million in cash. The deal would expand Oura’s portfolio as it weighs a public debut.

Shares of online pharmacy Hims & Hers plunged after the company narrowed its sales outlook. Higher costs in the third quarter led to an unexpected loss.