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Sector Update: Health Care Stocks Higher Friday Afternoon

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Health care stocks climbed Friday afternoon, with the NYSE Health Care Index rising 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.5%.

The iShares Biotechnology ETF (IBB) advanced 1.4%.

In corporate news, Merck (MRK) shares rose 2.3% after it said Friday that the European Commission has approved Enflonsia to prevent respiratory tract disease in newborns and infants.

Kura Oncology (KURA) shares jumped nearly 7% after it said Friday that new preliminary data from a subset analysis of patients with clear cell renal cell carcinoma previously treated with cabozantinib showed "robust" antitumor activity in an ongoing clinical trial of darlifarnib in combination with cabozantinib.

Psyence Biomedical (PBM) shares surged 66% after it acknowledged recent reports saying that the US administration is preparing an executive order to further evaluate the safety and therapeutic potential of ibogaine, a naturally occurring compound being studied for its potential in treating post-traumatic stress disorder, addiction, and other serious neurological and mental health conditions. Through its investment in PsyLabs, Psyence has established a position in the manufacturing of ibogaine and ibogaine derivatives, it said.

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