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Sector Update: Health Care Stocks Higher Late Afternoon

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-- Health care stocks edged higher late Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each increasing about 0.4%.

The iShares Biotechnology ETF (IBB) was up 0.1%.

In corporate news, Edgewise Therapeutics (EWTX) shares jumped 22% after Wedbush lifted the company's price target to $46 from $32, while keeping its outperform rating.

Pfizer's (PFE) Q1 results surpassed analyst estimates as robust demand across its key brands offset weakening sales of its COVID-19 products. Its shares rose 0.9%.

Merck (MRK) shares added 0.6%. The company said Tuesday it has completed the acquisition of Terns Pharmaceuticals after a cash tender offer at $53 per share.

Scilex (SCLX) shares were down 3% after it said Tuesday its subsidiary ACEA Therapeutics agreed to transfer 100% of the equity interests of ACEA Pharma to Phoenix Asia (PHOE) in a $1 billion all-stock deal.

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