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Sector Update: Healthcare Stocks Advance in Afternoon Trading

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Healthcare stocks rose Tuesday afternoon, with the NYSE Healthcare Index adding 1.4% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.2%.

The iShares Biotechnology ETF (IBB) advanced 1.5%.

In sector news, the US Justice Department is expected to charge about 450 defendants in alleged healthcare fraud schemes worth more than $6.5 billion, marking its largest coordinated antifraud operation to date, The Wall Street Journal reported, citing federal officials.

In corporate news, GE HealthCare Technologies (GEHC) is positioned for accelerating growth, driven by improving innovation, order momentum, and backlog, RBC Capital Markets said in a note. RBC started coverage of the company with an outperform rating and an $80 price target. GE HealthCare shares climbed 4.6%.

Eli Lilly (LLY) and Astellas Pharma have entered into two separate asset sale agreements with Sangamo Therapeutics as part of Sangamo's voluntary Chapter 11 reorganization, the genomic medicine company said Tuesday. Lilly shares added 0.4%.

Boundless Bio (BOLD) shares surged 85% after the company said it signed a definitive merger agreement with privately held biotech firm Serapha Bio.

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