Health care stocks increased late Wednesday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.3%.

The iShares Biotechnology ETF (IBB) climbed 1.6%.

In corporate news, Omeros (OMER) shares more than doubled after the company signed an asset purchase and license deal for its zaltenibart drug, under development to treat rare blood and kidney disorders, with Novo Nordisk (NVO) for up to $2.1 billion.

Johnson & Johnson's (JNJ) decision to spin off its orthopedics business into a standalone company called DePuy Synthes came as a surprise but should boost the company's growth in the longer term, Morgan Stanley said in a note. Morgan Stanley lifted its price target on Johnson & Johnson to $190 from $178 while maintaining its equal-weight rating. Johnson & Johnson shares added 0.3%.

Abbott Laboratories (ABT) shares fell 2.5% after it reported Q3 net sales of $11.37 billion, up from $10.64 billion a year ago but below the FactSet consensus of $11.39 billion.

Pfizer (PFE) Chief Executive Albert Bourla said vaccine approvals are "harder to get" in the US amid changes to the country's immunization policies, Bloomberg reported Wednesday, citing comments at a CNBC event in Washington. Pfizer shares were down 0.7%.