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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 and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.8%.

The iShares Biotechnology ETF (IBB) climbed 1.4%.

In corporate news, Novartis (NVS) has signed an option and licensing agreement with South Korean biotech Alteogen to develop and sell subcutaneous versions of multiple Novartis drugs using its ALT-B4 technology, Alteogen said Wednesday. Novartis shares rose 0.5%.

Johnson & Johnson (JNJ) is positioned for accelerating growth, supported by a strong pharma pipeline, UBS said in a note. UBS assumed coverage of the stock with a buy rating and a $320 price target. Its shares rose 1.6%.

Alumis (ALMS) shares jumped past 8%. The company's share price drop after the disappointing results of a phase 2b trial of envudeucitinib to treat systemic lupus erythematosus was likely an overreaction, Oppenheimer said in a note. Oppenheimer kept Alumis' outperform rating, while lowering the company's price target to $37 from $55.

Telix Pharmaceuticals (TLX) said it completed patient enrollment for a phase 3 study of its commercial PSMA-PET imaging agents Illuccix and Gozellix in prostate cancer imaging in pre-biopsy setting. Telix shares climbed 5.6%.

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$CRK$CVX$FRVO$SHEL$XOM
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$APO$BAC$BX$SPGI
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$ALMS$CAPR$MDT$NVS