Sector Update: Health Care Stocks Advance in Afternoon Trading

Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index adding 1.1% and the Health Care Select Sector SPDR Fund (XLV) rising 1.3%.

The iShares Biotechnology ETF (IBB) gained 1.4%.

In corporate news, Biogen BIIB and Eisai said late Tuesday that Eisai initiated a rolling submission of a biologics license application to the US Food and Drug Administration for a weekly maintenance treatment for early Alzheimer's disease. Biogen shares rose 4%.

GoodRx GDRX shares jumped more than 9% after the company said it has signed a direct contracting agreement with supermarket operator Kroger (KR) to deliver lower prescription prices at over 2,200 Kroger pharmacy locations in the US.

CASI Pharmaceuticals CASI said Wednesday that it has received clearance from the US Food and Drug Administration to proceed with a phase 1/2 trial of CID-103 in adults with chronic Immune Thrombocytopenia, a type of platelet disorder. Its shares popped 5.1%.