Sector Update: Healthcare Stocks Rise in Afternoon Trading

MT newswire2026/10/07 17:46

01:46 PM EDT, 10/07/2026 (MT Newswires) -- Healthcare stocks rose Wednesday afternoon, with the NYSE Healthcare Index adding 1.6% and the State Street Health Care Select Sector SPDR ETF (XLV) advancing 1.7%. The iShares Biotechnology ETF (IBB) increased 0.8%. In sector news, Alphabet's (GOOGL) Google DeepMind, Meta (META), and Isomorphic Labs are collectively investing $300 million in Biohub's Virtual Biology Initiative to build datasets for AI models to predict and treat diseases, Biohub said Wednesday. In corporate news, Halozyme Therapeutics (HALO) shares rose 1.9% after the company said it has been awarded an injunction by the specialized Dutch patent court in The Hague that stops manufacture and sale of Merck's (MRK) Keytruda SC in multiple European markets. Merck shares were up 0.9%. Novartis (NVS) shares rose 2% after the firm said the US Food and Drug Administration has approved Rhapsido for adults with symptomatic dermographism inadequately controlled by H1 antihistamines. Pfizer (PFE) plans to cut about 330 jobs at its Sicily plant in Italy, Reuters reported Wednesday, citing labor unions. The plant employs about 550 people, the report said. Shares rose 2.2%. Ultragenyx Pharmaceutical (RARE) shares added 2.7% after the firm said Wednesday it has agreed to sell a rare pediatric disease priority review voucher for $210 million.

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