Sector Update: Health Care Stocks Rise in Monday Afternoon Trading

Health care stocks rose Monday afternoon with both the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 1%.

The iShares Biotechnology ETF (IBB) climbed 1.7%.

In corporate news, Cardinal Health CAH said it will not renew its pharmaceutical distribution contracts with OptumRx, which will expire at the end of June. Cardinal shares tumbled 4.4%.

Guardant Health GH said Monday that a panel of the US Food and Drug Administration Medical Devices Advisory Committee will review the premarket approval application for its Shield blood test for colorectal cancer screening on May 23. Its shares surged 7.7%.

Sanofi SAN will pay more than $100 million to settle around 4,000 lawsuits alleging that the company failed to warn Zantac users that the heartburn drug could cause cancer, Bloomberg reported Monday. Sanofi shares were rising 1.7%.