Sector Update: Health Care Stocks Advance Late Afternoon

Health care stocks were rising late Wednesday afternoon, with the NYSE Health Care Index adding 0.8% and the Health Care Select Sector SPDR Fund (XLV) climbing 1%.

The iShares Biotechnology ETF (IBB) rose 1.2%.

In corporate news, Moleculin Biotech MBRX shares jumped 17% after the company said it was due to receive a US patent covering a method for preparing its drug Annamycin.

Lixte Biotechnology LIXT shares soared 51% after it published pre-clinical data showing its lead clinical compound LB-100 can force cancer cells to give up their cancer-causing properties.

Merck MRK shares popped 5% 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 funds managed by Blackstone Life Sciences to finance its influenza vaccine research program. Moderna shares rose 3% and Blackstone BX was up 2%.