04:00 PM EDT, 07/22/2024 (MT Newswires) -- Health care stocks advanced in late Monday afternoon trading, with the NYSE Health Care Index adding 0.7% and the Health Care Select Sector SPDR Fund (XLV) up 0.5%.

The iShares Biotechnology ETF (IBB) climbed 1.4%.

In corporate news, Hepion Pharmaceuticals ( HEPA ) shares tumbled nearly 21% after the company agreed to merge with Pharma Two B.

Mira Pharmaceuticals ( MIRA ) shares skyrocketed 627% after the company outlined more "promising" results on potential advantages of Ketamir-2 to treat neurological and neuropsychiatric disorders.

IQVIA ( IQV ) shares jumped almost 10% after the company reported higher Q2 adjusted earnings and revenue.

MEI Pharma ( MEIP ) shares surged nearly 24% after the firm said that it's evaluating strategic alternatives, including potential deals as well as an orderly wind down of the company, if appropriate, to maximize the value of its assets for stockholders.