03:59 PM EDT, 03/28/2024 (MT Newswires) -- Health care stocks were higher late Thursday afternoon, with the NYSE Health Care Index up 0.3% and the Health Care Select Sector SPDR Fund (XLV) adding 0.2%.

The iShares Biotechnology ETF (IBB) decreased 0.3%.

In corporate news, Kodiak Sciences ( KOD ) shares tumbled 28% after the company reported a wider-than-expected Q4 loss.

Avalo Therapeutics ( AVTX ) shares skyrocketed 376% as the company said late Wednesday it acquired AlmataBio. Also, Avalo said late Wednesday it entered into a definitive agreement to offer preferred stock and warrants in a private placement for gross proceeds of up to $185 million, including an initial gross upfront investment of $115.6 million, it said.

Walgreens Boots Alliance ( WBA ) lowered the high end of its full-year earnings outlook, even though it reported stronger-than-expected fiscal Q2 revenue. Its shares gained 3.4%.

Eli Lilly's ( LLY ) weight loss drug Zepbound is facing a shortage across the US, Bloomberg reported Thursday, citing Rite Aid and Amazon.com's ( AMZN ) Amazon Pharmacy. Eli Lilly ( LLY ) shares were up 0.1%.