04:02 PM EST, 01/30/2025 (MT Newswires) -- Health care stocks rose Thursday with the NYSE Health Care Index up 1% and the Health Care Select Sector SPDR Fund (XLV) adding 1.2%.

The iShares Biotechnology ETF (IBB) advanced 1%.

In corporate news, Kazia Therapeutics' ( KZIA ) shares jumped 38% after the company announced the regulatory approval and launch of a trial evaluating the combination of its investigational drug paxalisib and immunotherapy in people with advanced breast cancer.

Valneva (VALN) shares rose 3.6% after the company won a $32.8 million contract from the US Department of Defense for the supply of Ixiaro, a Japanese encephalitis vaccine.

Ironwood Pharmaceuticals ( IRWD ) shares slumped 38%, a day after the company announced a 50% cut in its workforce due to "ongoing pricing pressures."

Cargo Therapeutics ( CRGX ) shares tumbled 74%, a day after the company announced plans to discontinue a phase 2 trial of firicabtagene autoleucel for people with large B-cell lymphoma and reduce its workforce by 50%.