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Sector Update: Healthcare Stocks Higher Thursday Afternoon

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

The iShares Biotechnology ETF (IBB) eased 0.3%.

In corporate news, Hutchmed (HCM) shares jumped 17% after the company said its unit licensed rights to GSK (GSK) to develop and commercialize experimental cancer treatment HMPL-A830 outside greater China. GSK shares added 0.8%.

AbbVie (ABBV) said Thursday that it has completed its acquisition of Apogee Therapeutics (APGE), valuing the clinical-stage biotechnology company at about $10.9 billion, or $135.11 per share. AbbVie shares were down 0.3%.

Ultragenyx Pharmaceutical (RARE) shares fell 45% after the firm said a phase 3 study of apazunersen in Angelman syndrome did not achieve the primary endpoint nor a key secondary endpoint.

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