Health care stocks were edging up Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.2%.
The iShares Biotechnology ETF (IBB) rose 0.5%.
In corporate news, Sonnet BioTherapeutics (SONN) shares surged past 47%. The company said Monday its phase 1 trial of SON-1010 demonstrated a partial response and disease stabilization in adult patients with advanced solid tumors.
Kodiak Sciences (KOD) shares jumped 27% after Jefferies upgraded the company's rating to buy from hold. Jefferies also raised its price target for the stock to $20 from $6.
Revance Therapeutics (RVNC) and Crown Laboratories said Monday they amended their merger agreement to reduce Crown's tender offer for all outstanding Revance shares to $3.10 apiece in response to a dispute with Teoxane. Revance shares tumbled 20%.
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