Health care stocks were advancing premarket Wednesday, with the iShares Biotechnology ETF (IBB) 0.4% higher and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

Bristol-Myers Squibb (BMY) shares were up more than 2% after the company said it will enroll additional participants in a late-stage trial that is evaluating the safety and efficacy of Cobenfy to treat psychosis associated with Alzheimer's disease dementia.

Pharvaris (PHVS) stock was up more than 7% after the company said a global phase 3 study of its investigational therapy deucrictibant met the primary endpoint of rapid symptom relief as well as all secondary efficacy endpoints in patients suffering acute hereditary angioedema attacks.

Capricor Therapeutics (CAPR) shares were up more than 14% after the company said a pivotal late-stage trial evaluating its investigational cell therapy Deramiocel to treat boys and young men with Duchenne muscular dystrophy met both its primary endpoint and a key secondary endpoint.