Sector Update: Health Care Stocks Edge Higher Tuesday Afternoon

Health care stocks were edging up Tuesday afternoon, with the NYSE Health Care Index rising 0.2% and the Health Care Select Sector SPDR Fund (XLV) fractionally higher.

The iShares Biotechnology ETF (IBB) fell 1%.

In corporate news, Senate Finance Committee Chair Ron Wyden is seeking information on Pfizer's PFE tax practices. In a letter sent Monday to Pfizer Chief Executive Albert Bourla, Wyden asked how Pfizer managed to book most of its profits offshore, despite the US market contributing significantly to its global revenue. Pfizer shares were down 0.2% in recent trading.

Exscientia EXAI shares dropped 5.8% after the company said Tuesday that it expects to complete a headcount reduction of 20% to 25% by the end of this year.

Durect DRRX shares gained more than 12% as the company said Tuesday it obtained a breakthrough therapy designation from the US Food and Drug Administration for larsucosterol to treat people with severe alcohol-associated hepatitis.