Health care stocks rose late Monday afternoon, with the NYSE Health Care Index up 0.8% and the Health Care Select Sector SPDR Fund (XLV) adding 1%.

The iShares Biotechnology ETF (IBB) increased 1.2%.

In corporate news, RxSight's (RXST) shares jumped nearly 15% after Wells Fargo upgraded the stock to overweight from equalweight and raised its price target to $25 from $17.

Regeneron Pharmaceuticals (REGN) said Monday it has won the bankruptcy auction to acquire substantially all of the assets of 23andMe for $256 million. Regeneron shares rose 0.4%.

Novavax (NVAX) shares jumped nearly 15%. The company said Monday it received approval from the US Food and Drug Administration for its Nuvaxovid COVID-19 vaccine in adults 65 years and older, and individuals 12 through 64 years with at least one underlying condition.

Protagenic Therapeutics (PTIX) and Phytanix Bio said Monday that they have agreed to combine in an all-stock deal. Protagenic shares surged 266%.