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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 adding 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.3%.

The iShares Biotechnology ETF (IBB) added 0.3%.

In corporate news, Novo Nordisk (NVO) shares rose 2.5% after it said Wednesday the European Commission granted marketing authorization for its Wegovy pill for the treatment of adults with obesity or overweight with at least one weight-related comorbidity, as an adjunct to a reduced-calorie diet and increased physical activity.

Elevance Health (ELV) reported sequential and annual declines in its Q2 memberships, although the health insurer lifted its full-year earnings outlook and recorded an unexpected year-over-year revenue increase in the previous three-month period. The shares fell past 8%.

Johnson & Johnson (JNJ) raised its full-year outlook on Wednesday after reporting better-than-expected Q2 results, driven by growth in its innovative medicine and medical device businesses. Its shares were still down 1.7%.

Eli Lilly-backed (LLY) AdvanCell has raised $315 million from its Series D financing, with participating investors such as Bain Capital and Fidelity Management & Research, Bloomberg reported. Lilly shares shed 0.4%.

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Sector Update: Healthcare Stocks Advance in Afternoon Trading | FINWIRES