01:57 PM EDT, 08/09/2024 (MT Newswires) -- Health care stocks were higher Friday afternoon, with the NYSE Health Care Index rising 1.1% and the Health Care Select Sector SPDR Fund (XLV) adding 0.5%.

The iShares Biotechnology ETF (IBB) was down less than 0.1%.

In corporate news, Eli Lilly ( LLY ) shares jumped 5.8% after it was named "top pick" by Morgan Stanley. The investment firm said the company has the "strongest growth profile" within its coverage universe. Morgan Stanley reiterated its overweight rating on the stock and raised the price target to $1,106 from $1,083.