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Sector Update: Healthcare Stocks Climb Late Afternoon

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Healthcare stocks were higher late Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 1.8%.

The iShares Biotechnology ETF (IBB) was up 1%.

In corporate news, Haemonetics (HAE) shares jumped past 16% after the company said it entered into a supply agreement with CSL Plasma last week.

Pfizer (PFE) was Smart Insider's stock pick of the week after Chief Executive and Chair Albert Bourla bought 38,000 shares for $1 million at $26.34 apiece on Aug. 12. Bourla, who has been with Pfizer since 1993 and has served as CEO since January 2020, increased his holding by 10% to $11.6 million with his first reported purchase, Smart Insider said in a Tuesday note. Pfizer shares rose 1.5%.

Amylyx Pharmaceuticals (AMLX) shares surged 63% after the company said Tuesday its investigational post-bariatric hypoglycemia treatment Avexitide met its primary endpoint in a phase 3 trial.

GE HealthCare (GEHC) has appointed William Grogan as chief financial officer, effective Sept. 14, the company said Tuesday. Grogan succeeds Jay Saccaro, who stepped down to pursue another opportunity outside the medical technology industry, the company said. GE HealthCare shares were up 0.6%.

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