03:59 PM EST, 12/23/2024 (MT Newswires) -- Health care stocks were higher late Monday afternoon, with the NYSE Health Care Index rising 0.9% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) rose 0.5%.

In corporate news, Eli Lilly ( LLY ) and Amgen ( AMGN ) filed a complaint Friday against the US Department of Health and Human Services, alleging that the agency unlawfully certified and recertified clinics that treat sexually transmitted diseases to participate in a federal drug discount program. Eli Lilly ( LLY ) shares rose 3.8% and Amgen ( AMGN ) was up 0.2%.

Ikena Oncology ( IKNA ) and clinical-stage biotech company Inmagene Biopharmaceuticals said Monday they have agreed to merge, in a deal that will result in the latter owning about 43.5% of the combined company. Ikena shares popped 7%.

XBiotech ( XBIT ) shares sank past 29% after it said it's pausing its rheumatology clinical program due to irregularities in a phase 2 study of its candidate drug Natrunix for rheumatoid arthritis.

Spectral AI (MDAI) shares jumped 10%. The company said Monday it received a letter from Nasdaq on Friday confirming that it has regained compliance with the exchange's listing rules.