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Sector Update: Healthcare Stocks Gain Wednesday Afternoon

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Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index rising 2.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.7%.

The iShares Biotechnology ETF (IBB) climbed 4.8%.

In sector news, President Donald Trump said Wednesday he has nominated Heidi Overton as the US Food and Drug Administration Commissioner. "We need her leadership at the FDA now to ensure that the US remains the WORLD LEADER for Scientific Discovery and CURES," Trump said in a post on Truth Social.

In corporate news, Moderna (MRNA) shares surged 146% and Merck (MRK) shares jumped past 11% after the companies said a trial of intismeran autogene plus Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in people with completely resected stage IIB-IV melanoma.

Sight Sciences (SGHT) shares jumped past 6% after the company said that the US Food and Drug Administration has updated the TearCare System's indication to include improving meibomian gland function in adult patients with evaporative dry eye disease caused by meibomian gland dysfunction.

Teva Pharmaceutical Industries (TEVA) shares rose 1.6% after its US affiliate Teva Pharmaceuticals said Wednesday the US Food and Drug Administration has accepted its new drug application for ecopipam to potentially treat children with Tourette syndrome.

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