01:49 PM EST, 12/18/2024 (MT Newswires) -- Health care stocks were rising Wednesday afternoon, with the NYSE Health Care Index adding 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

The iShares Biotechnology ETF (IBB) shed 0.7%.

In corporate news, Merck ( MRK ) secured exclusive rights to develop and sell an oral weight loss drug under a license deal with Hansoh Pharma that could fetch the Chinese biopharmaceutical company up to $2 billion. Merck ( MRK ) shares were down 0.3%.

Cognition Therapeutics ( CGTX ) shares surged 67% after it said Wednesday that a phase 2 trial of CT1812 to treat patients with Lewy body dementia met its primary endpoint of safety and tolerability.

KalVista Pharmaceuticals' ( KALV ) drug candidate sebetralstat is a promising, on-demand oral treatment for hereditary angioedema that demonstrated efficacy comparable to approved injectables with the added convenience of oral dosing in a phase 3 study, BofA Securities said in a note. The firm started coverage of KalVista with a buy rating and a price objective of $22. KalVista shares popped 2.2%.