Sector Update: Health Care Stocks Advance Late Wednesday Afternoon

Health care stocks were rising late Wednesday afternoon, with the NYSE Health Care Index up 1% and the Health Care Select Sector SPDR Fund (XLV) adding 1.2%.

The iShares Biotechnology ETF (IBB) climbed 1.3%.

In corporate news, Novo Nordisk's NOVO_B weight-loss drugs Wegovy and Ozempic could bankrupt the US health care system if the prices are not reduced, a report by the Senate Health, Education, Labor and Pensions Committee suggested Wednesday. Novo Nordisk shares were rising 1.3%.

BioCryst Pharmaceuticals BCRX shares jumped nearly 19% after it reported in regulatory filings Wednesday that several of its executives bought shares in the company earlier in the week.

T2 Biosystems TTOO surged past 43% after the company announced a preferred-to-common stock conversion by entities affiliated with CRG Servicing.

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 spiked 3.6%.