03:51 PM EST, 02/24/2025 (MT Newswires) -- Health care stocks gained late Monday afternoon with the NYSE Health Care Index climbing 1.1% and the Health Care Select Sector SPDR Fund (XLV) rising 0.9%.

The iShares Biotechnology ETF (IBB) was up 0.1%.

In corporate news, Amneal Pharmaceuticals ( AMRX ) shares jumped 7% after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $12 from $9.

PepGen ( PEPG ) shares surged 66% after it reported initial positive data from a phase 1 trial investigating PGN-EDODM1 in myotonic dystrophy type 1.

Amgen ( AMGN ) will invest an initial $200 million this year in its new technology center in southern India, Reuters reported, citing Chief Executive Robert Bradway. Amgen ( AMGN ) confirmed the plans in a statement sent to MT Newswires, saying that the investment would back the acceleration of its digital capabilities through AI and data science. Amgen ( AMGN ) shares rose 2%.

Invivyd ( IVVD ) dropped 31% after the firm said the US Food and Drug Administration rejected its request to expand the existing emergency use authorization for Pemgarda to include treatment of mild-to-moderate COVID-19 in immunocompromised persons.