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Sector Update: Healthcare Stocks Higher Late Afternoon

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Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index up 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.

The iShares Biotechnology ETF (IBB) eased 0.2%.

In corporate news, short seller Culper Research said Wednesday it has taken a short position in Tarsus Pharmaceuticals (TARS), alleging the commercialization of Xdemvy relies on a Medicare copay assistance structure that "raises serious Anti-Kickback Statute concerns." Tarsus shares were down 3.6%.

Can-Fite BioPharma (CANF) shares surged 56% after it said its phase 2a trial of Namodenoson in advanced pancreatic cancer met its primary safety endpoint and showed durable survival in a subset of heavily pretreated patients.

Hims & Hers Health (HIMS) shares jumped past 8% after BofA Securities raised its price target to $36 from $25, while keeping its neutral rating.

BridgeBio Pharma (BBIO) has raised up to $1 billion in convertible preferred equity led by Sixth Street, with participation from HealthCare Royalty, a KKR (KKR) business, to fund upcoming product launches and pipeline development. BridgeBio shares were up 0.3%.

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