Health care stocks advanced Tuesday afternoon, with the NYSE Health Care Index rising 0.5% and the Health Care Select Sector SPDR Fund (XLV) adding 0.6%.

The iShares Biotechnology ETF (IBB) gained 0.6%.

In corporate news, Eli Lilly (LLY) shares gained 4.5% after the company disclosed another set of positive late-stage trial data of its investigational weight-loss pill, setting the drugmaker up for seeking global regulatory clearance of the oral treatment.

Allarity Therapeutics (ALLR) shares doubled after the company said the US Food and Drug Administration granted fast-track designation to stenoparib, its investigational treatment for patients with advanced ovarian cancer.

Lineage Cell Therapeutics (LCTX) shares added 7% after the company said it has partnered with William Demant Invest to jointly develop the company's ReSonance auditory neuronal cell transplant for hearing loss treatment.