03:38 PM EDT, 06/04/2024 (MT Newswires) -- Health care stocks advanced late Tuesday afternoon, with the NYSE Health Care Index rising 0.5% and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

The iShares Biotechnology ETF (IBB) declined 0.1%.

In corporate news, Elevance Health's ( ELV ) near-term earnings outlook is "easily achievable" amid commercial repricing, pharmacy benefit manager, or PBM, insourcing and recent deals by its Carelon business, BofA Securities said Tuesday. The brokerage raised its price objective on the Elevance stock to $646 from $621 while reiterating its buy rating. Elevance shares were down 0.5%.