Sector Update: Outsized Gains for Health Care Stocks This Afternoon

Health care stocks were building on their early gains this afternoon, with the NYSE Health Care Index rising 1.3% while the SPDR Health Care Select Sector ETF was up 1.4%.

The Nasdaq Biotechnology index was climbing 1.7%.

In company news, Isoray Medical (ISR) was 178% higher, earlier rising over 277% to touch $2 a share for the first time since August 2014 after the US Food and Drug Administration approved the use of magnetic resonance imaging markers produced by privately held C4 Imaging LCC to assist with placement of Iroray’s brachytherapy seeds in patients with prostate cancer. Isoray is the only company in the world making the Cesium-131 isotope used for the internal radiation therapy designed to target prostate cancer while also preserving healthy tissue and organs nearby.

AIkido Pharma (AIKI) raced to a more than 74% advance after the specialty drugmaker Wednesday said it signed a patent licensing deal associated with the use of the psychedelic compound psilocybin for the treatment of cancer-related depression and anxiety. Financial details were not disclosed but the company said the intellectual property included under the agreement is covered by four patent applications already on file with the US Patent and Trademark Office.

AmerisourceBergen (ABC) climbed 9.4% after raising its non-GAAP FY21 earnings forecast to a new range of $8.25 to $8.50 per share, up from $8.20 to $8.45 per share previously and continuing to straddle the Capital IQ consensus expecting a $7.70 per share adjusted profit for the 12 months ending Sept. 30. The company also said it was acquiring a majority stake in the Alliance Healthcare drug distribution unit from Walgreens Boots Alliance (WBA) for $6.5 billion.