Sector Update: Health Care Stocks Gain Wednesday Afternoon

Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index rising 0.7% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) rose 0.8%.

In corporate news, Merck's MRK shares spiked 4.7% after it received approval from the US Food and Drug Administration for its drug Winrevair to treat adults with pulmonary arterial hypertension.

Moderna MRNA will receive up to $750 million from Blackstone BX Life Sciences to fund its influenza vaccine research program. Moderna also announced positive clinical trial data on three experimental vaccines against other viruses and that it's moving those vaccines to final stage studies. Moderna shares rose 1.7% and Blackstone was up 1.4%.

89bio ETNB said Wednesday its investigational liver disease drug pegozafermin has received the Priority Medicines, or PRIME, status from the European Medicines Agency. Its shares added 2.6%.