Health care stocks fell premarket Monday with the Health Care Select Sector SPDR Fund (XLV) down marginally and the iShares Biotechnology ETF (IBB) 0.5% lower recently.

Alvotech (ALVO) shares were up more than 5% after the company said it has been added to the Nasdaq Biotechnology Index, effective at market open.

Nuvation Bio (NUVB) shares advanced by over 7% after the company said the US Food and Drug Administration has accepted its new drug application for drug candidate taletrectinib intended for the treatment of non-small cell lung cancer.

Eli Lilly (LLY) shares were 2% higher after the company said the US Food and Drug Administration approved its tirzepatide product Zepbound as the first and only prescription medicine for moderate-to-severe obstructive sleep apnea and obesity.