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Sector Update: Healthcare Stocks Rise Tuesday Afternoon

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Healthcare stocks were higher Tuesday afternoon, with the NYSE Healthcare Index rising 1.8% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.7%.

The iShares Biotechnology ETF (IBB) was up 0.8%.

In corporate news, Amylyx Pharmaceuticals (AMLX) shares surged nearly 55% after the company said Tuesday its investigational post-bariatric hypoglycemia treatment Avexitide met its primary endpoint in a phase 3 trial.

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 1.4%.

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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