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Sector Update: Health Care Stocks Gain Late Afternoon

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Health care stocks rose late Thursday afternoon with the NYSE Health Care Index climbing 2.6% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.3%.

The iShares Biotechnology ETF (IBB) advanced 1.9%.

In corporate news, UniQure (QURE) shares jumped past 16% after the company said it plans to submit a UK marketing authorization application in Q3 for AMT-130 to treat Huntington's disease.

Axsome Therapeutics (AXSM) shares surged 12% after it said the US Food and Drug Administration approved Auvelity to treat agitation associated with Alzheimer's disease dementia.

Eli Lilly (LLY) raised its full-year outlook and reported Q1 results above market estimates as sales of Mounjaro more than doubled. Lilly shares jumped past 10%.

The US Food and Drug Administration is proposing to exclude tirzepatide, semaglutide and liraglutide from the 503B bulks list, finding no clinical need for outsourcing facilities to compound the drugs from bulk substances. Eli Lilly makes tirzepatide, marketed as Mounjaro for type 2 diabetes and Zepbound for chronic weight management. Novo Nordisk (NVO) makes semaglutide, marketed as Ozempic for type 2 diabetes and Wegovy for chronic weight management, and liraglutide, under the brand name Victoza for type 2 diabetes and Saxenda for chronic weight management. Novo shares rose past 5%.

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