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Sector Update: Healthcare Stocks Advance in Afternoon Trading

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Healthcare stocks rose Wednesday afternoon, with the NYSE Healthcare Index increasing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.

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

In corporate news, Hims & Hers Health (HIMS) shares jumped nearly 9% after BofA Securities lifted the company's price target to $36 from $25, while keeping its neutral rating.

Can-Fite BioPharma (CANF) shares surged 44% after it said its phase 2a trial of Namodenoson in advanced pancreatic cancer met its primary safety endpoint and showed durable survival in a subset of heavily pretreated patients.

BridgeBio Pharma (BBIO) has raised up to $1 billion in convertible preferred equity led by Sixth Street, with participation from HealthCare Royalty a KKR (KKR) business, to fund upcoming product launches and pipeline development. BridgeBio shares were down 0.6%.

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