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Sector Update: Health Care Stocks Advance Late Afternoon

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-- Health care stocks were higher late Wednesday afternoon, with the NYSE Health Care Index increasing 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.2%.

The iShares Biotechnology ETF (IBB) climbed up 2.1%.

In corporate news, Oscar Health (OSCR) shares surged past 10% after the company reported higher Q1 results.

DaVita (DVA) shares jumped past 22% after Deutsche Bank upgraded the stock to buy from hold and boosted its price target to $220 from $126, a day after the company reported better-than-expected Q1 results.

CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected Q1 results on improvement in its health-care benefits segment. Its shares gained 8%.

Novo Nordisk (NVO) expects generic versions of its Ozempic medication to face approval delays in China until next year, Bloomberg reported, citing the drugmaker. The patent for semaglutide, the main ingredient in Ozempic and Wegovy, expired in China in March, but the firm said it still has regulatory data protection until April 2027 due to a trade agreement between China and Switzerland, Bloomberg reported. Novo shares rose 2.2%.

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