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Sector Update: Healthcare Stocks Advance Wednesday Afternoon

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Healthcare stocks rose Wednesday afternoon, with the NYSE Healthcare Index adding 0.8% and the State Street Healthcare Select Sector SPDR ETF (XLV) increasing 0.5%.

The iShares Biotechnology ETF (IBB) eased 0.1%.

In corporate news, Personalis (PSNL) shares jumped past 7% after the company said the Molecular Diagnostic Services Program of the Centers for Medicare & Medicaid Services expanded coverage for its NeXT Personal minimal residual disease test.

Assertio (ASRT) shares rose 3.4% after the company said Wednesday it agreed to be acquired by Zydus Lifesciences subsidiary Zydus Worldwide DMCC in an all-cash tender offer valued at about $166.4 million.

UroGen Pharma's (URGN) Zusduri treatment demonstrated a 64.5% 36-month duration of response in a pivotal phase 3 trial in recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, the company said Wednesday. Its shares rose 1.9%.

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Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks rose late Wednesday afternoon, with the NYSE Healthcare Index adding 0.9% and the State Street Healthcare Select Sector SPDR ETF (XLV) increasing 0.7%.The iShares Biotechnology ETF (IBB) rose 0.3%.In corporate news, Corcept Therapeutics (CORT) shares rose past 11% after UBS Securities upgraded the stock to buy from neutral and raised its price target to $72 per share from $44.Ironwood Pharmaceuticals (IRWD) fell 10% after the company said Gregory Martini is resigning from his role as chief financial officer, effective May 15.Personalis (PSNL) shares jumped 6% after the firm said the Molecular Diagnostic Services Program of the Centers for Medicare & Medicaid Services has expanded coverage for its NeXT Personal minimal residual disease test.Assertio (ASRT) shares rose 3.4% after the company said Wednesday it has agreed to be acquired by Zydus Lifesciences subsidiary Zydus Worldwide DMCC in an all-cash tender offer valued at about $166.4 million.

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