02:04 PM EDT, 07/05/2024 (MT Newswires) -- Health care stocks were rising Friday afternoon, with the NYSE Health Care Index adding 0.5% and the Health Care Select Sector SPDR Fund (XLV) up 0.4%.

The iShares Biotechnology ETF (IBB) gained 0.4%.

In corporate news, Enhabit's ( EHAB ) board faces a proxy fight from shareholder Arex Capital Management, which said in a letter to investors that the company's strategies "are not working." Enhabit ( EHAB ) shares fell about 3%.

iTeos Therapeutics ( ITOS ) and Arcus Biosciences ( RCUS ) shares were falling 3.5% and 1.8% respectively after Roche's Genentech said its phase 2/3 non-small cell lung cancer study failed to meet its primary endpoints. iTeos and Arcus are also conducting separate non-small cell lung cancer studies.

Hutchmed ( HCM ) shares rose about 5.4% after China's National Medical Products Administration granted priority review to its new drug application for tazemetostat to treat adults with relapsed or refractory follicular lymphoma earlier this week.