Health care stocks advanced late Thursday afternoon, with the NYSE Health Care Index rising 0.9% and the Health Care Select Sector SPDR Fund (XLV) gaining 0.7%.

The iShares Biotechnology ETF (IBB) increased 0.9%.

In corporate news, Ligand Pharmaceuticals (LGND) said its partner Pelthos Therapeutics (PTHS) has commercially launched Zelsuvmi, an at-home treatment for a skin infection called molluscum contagiosum. Ligand shares rose 2.1%, and Pelthos surged 73%.

Moderna (MRNA) shares popped 4.6% after it received approval from the US Food and Drug Administration for its supplemental biologics license application for its COVID-19 vaccine Spikevax in children aged six months to 11 years who have a high risk of COVID-19 disease.

GSK (GSK) climbed 1.6%. The firm said it has started shipping doses of its trivalent seasonal influenza vaccines to US health care providers and pharmacies ahead of the 2025-26 flu season.

Ultragenyx Pharmaceutical (RARE) shares fell 24% after a phase 3 study update showed that UX143 missed a key efficacy metric in pediatric and young adult patients with osteogenesis imperfecta, a rare genetic bone disorder.

Healthcare Services (HCSG) stock dropped 5.5% after the company said it expects to record non-cash charges tied to Genesis HealthCare's Chapter 11 bankruptcy filing.