Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding about 0.8%.

The iShares Biotechnology ETF (IBB) increased 0.6%.

In corporate news, Johnson & Johnson (JNJ) is positioned for accelerating growth, supported by a strong pharma pipeline, UBS said in a note. UBS assumed coverage of the stock with a buy rating and a $320 price target. Shares rose 1.5%.