Health care stocks rose late Monday afternoon with the NYSE Health Care Index up 0.4% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.
The iShares Biotechnology ETF (IBB) increased 0.4%.
In sector news, officials at the US Department of Health and Human Services met with Walmart (WMT), Amazon (AMZN) and other retailers in an effort to help Americans acquire their medicines more directly from the companies that make them, Bloomberg reported.
In corporate news, Vor Biopharma (VOR) shares jumped 52% after HC Wainwright upgraded the stock to buy from neutral with a $3 price target.
ProKidney (PROK) shares dropped 11% after BofA Securities downgraded the stock to underperform from neutral and cut its price target to $1 from $3.
Moderna (MRNA) said that late-stage trial data showed its experimental flu vaccine was more effective than currently available shots. The mRNA-1010 product demonstrated efficacy of 26.6% in adults aged 50 years and older, higher than a licensed influenza vaccine, the company said. Moderna shares gained 2%.
AbbVie (ABBV) shares rose 2,1% after the company agreed to buy clinical-stage biotech company Capstan Therapeutics for up to $2.1 billion in cash.
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