Health care stocks rose late Wednesday afternoon with the NYSE Health Care Index gaining 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.

The iShares Biotechnology ETF (IBB) climbed 1.7%.

In corporate news, Moderna (MRNA) shares jumped 17%. The company said late Tuesday it entered into a settlement agreement with Arbutus Biopharma (ABUS) and Genevant Sciences to resolve all litigation regarding Spikevax and mRESVIA. Arbutus shares eased 0.1%.

Takeda Pharmaceutical (TAK) is cutting 400 US jobs while investing in blood products and other priority areas, as the company intends to improve profitability in the US, Nikkei Asia reported. Takeda shares rose 0.9%.

Stevanato (STVN) shares surged 18% after the company reported Q4 adjusted earnings and revenue that topped Wall Street expectations.

Vericel (VCEL) won regulatory approval for the commercial manufacturing of autologous cultured chondrocytes on a porcine collagen membrane at its Massachusetts facility. The stock rose 1.5%.