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Sector Update: Healthcare Stocks Advance Late Afternoon

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Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index up 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.

The iShares Biotechnology ETF (IBB) rose 0.5%.

In corporate news, Merck (MRK) shares rose 2.4% after Daiwa upgraded the stock to outperform from neutral and raised its price target to $143 per share from $120.

Cencora (COR) said that certain Walgreens volume that was being serviced by the company, separate from the prime vendor agreement, has started moving outside the company from July 1. Meanwhile, Cencora said its prime vendor agreement remains unchanged and accounts for the majority of its business with Walgreens. Cencora shares fell past 5%.

Legend Biotech (LEGN) could see pressures from competition and recent leadership change, potentially weighing on Carvykti myeloma therapy strategy, Oppenheimer said. It downgraded Legend to perform from outperform. Shares fell 5.2%.

Definium Therapeutics (DFTX) shares rose 5% after the firm said its phase 3 trial of DT120 orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint.

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Sector Update: Financial Stocks Edge Higher Late Afternoon

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Sector Update: Energy Stocks Gain Late Afternoon

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Sector Update: Healthcare Stocks Softer Late Afternoon

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