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Sector Update: Healthcare Stocks Advance Late Afternoon

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Healthcare stocks advanced late Tuesday afternoon, with the NYSE Healthcare Index and the State Street Healthcare Select Sector SPDR ETF (XLV) each rising about 2%.

The iShares Biotechnology ETF (IBB) increased 1.2%.

In sector news, President Donald Trump said Tuesday that US Food and Drug Administration Commissioner Marty Makary is resigning, Bloomberg reported.

In corporate news, West Pharmaceutical Services (WST) shares were down 3% after the company said in a regulatory filing its global operations were disrupted by a cyberattack.

Alkermes (ALKS) shares jumped past 7% after the firm said Tuesday a late-stage trial of Lumryz oral suspension in adults with idiopathic hypersomnia, a rare condition in which patients require excessive sleep, met all primary and secondary targets.

Sonida Senior Living's (SNDA) recent stock decline was unwarranted given the broad-based strength in its Q1 results, RBC said in a note. RBC kept its outperform rating and raised its price target to $45 from $39. Shares eased 0.2%.

Dr. Reddy's Laboratories (RDY) plans to launch a generic version of Novo Nordisk's (NVO) Ozempic this month in Canada, Bloomberg reported Tuesday, citing Chief Executive Erez Israeli. Dr. Reddy's shares fell 5.3%, and Novo rose 1.1%.

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