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Sector Update: Healthcare Stocks Advance Late Afternoon

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Healthcare stocks were higher late Tuesday afternoon, with the NYSE Healthcare Index adding 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.5%.

The iShares Biotechnology ETF (IBB) increased 0.7%.

In corporate news, Capricor Therapeutics (CAPR) shares rose 1.5% after Piper Sandler upgraded the company's stock to overweight from neutral and adjusted its price target to $25 from $2.

Novartis (NVS) shares jumped over 6% after it said Tuesday that phase 3 trials of remibrutinib showed significantly reduced annualized relapse rates compared with teriflunomide in adults with relapsing multiple sclerosis. The trials met their primary endpoints and showed that remibrutinib was superior to teriflunomide on all key secondary measures.

Medtronic (MDT) shares gained 1.4%. The company lifted its full-year outlook on Tuesday as it reported better-than-expected fiscal Q1 results.

Alumis (ALMS) shares fell 56% after the company said a phase 2 trial of its envudeucitinib experimental drug in moderate-to-severe systemic lupus erythematosus failed to meet its primary and secondary endpoints in the overall trial population.

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