The healthcare sector traded lower on Thursday as a sharp rise in U.S. Treasury yields to multi-decade highs weighed on the broader stock market. [1, 3, 8] This increase in interest rates creates a headwind for equities, making them less attractive relative to bonds. Adding to the pressure, there is lingering negative sentiment within the sector following recent concerns over potential healthcare price regulations and new legislation targeting pharmacy benefit managers (PBMs). [2, 7, 9]