03:58 PM EDT, 05/12/2025 (MT Newswires) -- Health care stocks rose late Monday afternoon, with the NYSE Health Care Index adding 1.9% and the Health Care Select Sector SPDR Fund (XLV) climbing 2.3%.

The iShares Biotechnology ETF (IBB) jumped 4.6%.

In corporate news, Teva Pharmaceutical Industries ( TEVA ) shares gained 6% after JPMorgan upgraded the company's rating to overweight from neutral.

BioMarin Pharmaceutical ( BMRN ) shares rose 4.3% after it said Monday that new clinical data showed its Voxzogo drug had a "meaningful impact" on tibial bowing in children under five years old with achondroplasia.

President Donald Trump signed an executive order that will seek to lower prescription drug prices by linking the amount the government pays for some medicines to lower prices abroad. Trump also said he will seek to "cut out" pharmacy benefit managers. Shares of Pfizer ( PFE ) , Merck ( MRK ) , AbbVie ( ABBV ) and Eli Lilly ( LLY ) rose. UnitedHealth ( UNH ) , CVS Health ( CVS ) and Cigna ( CI ) , the owners of the three largest PBMs, fell.

KindlyMD (KDLY) shares soared 252% after the company said Monday it has entered into a definitive merger agreement with Nakamoto to start a Bitcoin treasury strategy.