Health care stocks rose Monday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each gaining 0.5%.

The iShares Biotechnology ETF (IBB) increased 0.8%.

In corporate news, Novartis (NVS) opened a new 10,000-square-foot radioligand therapy manufacturing facility in Carlsbad, California. The share rose 0.4%.

Cogent Biosciences (COGT) shares more than doubled after the company announced that a phase 3 trial evaluating a combination of bezuclastinib and sunitinib in people with imatinib-resistant or intolerant gastrointestinal stromal tumors showed higher progression-free survival and objective response rates compared with sunitinib monotherapy.

Metsera (MTSR) announced late Friday that it agreed to be acquired by Pfizer (PFE) for up to $86.25 per share after its board determined that the revised terms represent the "best transaction" for shareholders and that the deal proposed by Novo Nordisk (NVO) presents "unacceptably high legal and regulatory risks." Metsera shares fell 15%, Pfizer dropped 0.6%, and Novo added 0.3%.