Health care stocks rose Wednesday afternoon with the NYSE Health Care Index up 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.5%.

The iShares Biotechnology ETF (IBB) decreased 0.3%.

In corporate news, Merck (MRK) shares climbed 1.2% after the company said that the US Food and Drug Administration approved Keytruda and Keytruda QLEX, in combination with paclitaxel with or without bevacizumab, for certain adults with PD-L1-positive platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal carcinoma who received one or two prior systemic regimens.

Hinge Health (HNGE) shares jumped 10% after it reported higher Q4 adjusted earnings and revenue, and issued Q1 revenue outlook above analysts' consensus.

Humana (HUM) provided a full-year earnings outlook below Wall Street's estimates on Wednesday as the health insurer flagged headwinds tied to quality ratings of its Medicare Advantage plans. Its shares fell 1.9%.