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Sector Update: Healthcare Stocks Gain in Afternoon Trading

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Healthcare stocks rose Tuesday afternoon, with the NYSE Healthcare Index adding 2.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) climbing 2.2%.

The iShares Biotechnology ETF (IBB) increased 1.4%.

In corporate news, Alkermes (ALKS) shares jumped past 5% after it said Tuesday a late-stage trial evaluating its investigational Lumryz oral suspension in adults with idiopathic hypersomnia, a rare condition in which patients require excessive sleep, met all primary and key secondary endpoints.

Sonida Senior Living's (SNDA) recent stock decline was unwarranted given the broad-based strength in its Q1 results, RBC Capital Markets said in a note. RBC reiterated its outperform rating on the stock and raised its price target to $45 per share from $39. Sonida shares added 1.5%.

Agios Pharmaceuticals (AGIO) shares rose 1% after it said Tuesday it has submitted a supplemental New Drug Application to the US Food and Drug Administration seeking accelerated approval of mitapivat for the treatment of sickle cell disease.

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Sector Update: Healthcare Stocks Advance Late Afternoon

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