02:13 PM EDT, 08/19/2024 (MT Newswires) -- Health care stocks were higher Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each rising about 0.5%.

The iShares Biotechnology ETF (IBB) spiked 1.2%.

In corporate news, Alzamend Neuro ( ALZN ) shares rallied 320% after the drugmaker said it's teaming up with Massachusetts General Hospital for a phase 2 trial of its lithium therapeutic drug candidate AL001 for post-traumatic stress disorder.

Liquidia ( LQDA ) shares sank 31%. The company said it has received tentative US Food and Drug Administration approval for its drug Yutrepia to treat adults with pulmonary arterial hypertension and pulmonary hypertension related to lung disease. However, final approval can only be granted after the 2025 expiration of the exclusivity period for United Therapeutics' ( UTHR ) Tyvaso DPI. United shares jumped 8%.

Sonnet BioTherapeutics ( SONN ) shares popped 4% after the firm said it's collaborating with the Sarcoma Oncology Center to advance the development of SON-1210 in combination with chemotherapy for metastatic pancreatic cancer.