Health care stocks gained late Monday afternoon with the NYSE Health Care Index climbing 1.1% and the Health Care Select Sector SPDR Fund (XLV) rising 0.9%.
The iShares Biotechnology ETF (IBB) was up 0.1%.
In corporate news, Amneal Pharmaceuticals (AMRX) shares jumped 7% after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $12 from $9.
PepGen (PEPG) shares surged 66% after it reported initial positive data from a phase 1 trial investigating PGN-EDODM1 in myotonic dystrophy type 1.
Amgen (AMGN) will invest an initial $200 million this year in its new technology center in southern India, Reuters reported, citing Chief Executive Robert Bradway. Amgen confirmed the plans in a statement sent to MT Newswires, saying that the investment would back the acceleration of its digital capabilities through AI and data science. Amgen shares rose 2%.
Invivyd (IVVD) dropped 31% after the firm said the US Food and Drug Administration rejected its request to expand the existing emergency use authorization for Pemgarda to include treatment of mild-to-moderate COVID-19 in immunocompromised persons.
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