A broad selloff in equities hit the healthcare sector amid growing concerns about sticky inflation and rising interest rates.

Moderna MRNA CEO Stéphane Bancel said the company was never just about Covid-19 vaccines, and investors appeared to be catching on. Speaking at Bernstein's annual healthcare conference on Wednesday, Bancel proclaimed that Moderna "has never been" just a Covid vaccine company, but an mRNA platform company. Chief Development Officer David Berman added that the company also was targeting oncology and rare diseases.

Biomea Fusion terminated its proposed public offering of securities. The clinical-stage diabetes and obesity company said it determined that current market conditions aren't conducive for an offering on terms that would be in the best interests of its stockholders.

Immunovant said it saw negative topline results from Period 1 of its proof-of-concept trial evaluating IMVT-1402 imeroprubart for the treatment of cutaneous lupus erythematosus. The company said the study didn't achieve statistical significance on its primary endpoint of percent change from baseline in the Cutaneous Lupus Erythematosus Disease Area and Severity Index Activity score at Week 12.

Roche Holding said a drug candidate for an autoimmune disease known as IgA nephropathy met the primary goal of a late-stage clinical study, paving the way for the company to seek regulatory approval.