09:10 AM EDT, 07/11/2024 (MT Newswires) -- Health care stocks were advancing premarket Thursday, with the Health Care Select Sector SPDR Fund ( XLV ) marginally higher and the iShares Biotechnology ETF ( IBB ) up 1.1% recently.

Pfizer ( PFE ) rose more than 2% after saying it will conduct dose optimization studies of danuglipron in the second half of the year after selecting a once-daily, modified-release formulation of the drug candidate, intended to maintain healthy blood sugar levels and address obesity.

Akebia Therapeutics ( AKBA ) was up more than 4% after saying it has regained full rights to commercialize Vafseo tablets in the US after agreeing to terminate a license agreement with CSL Vifor.

Cara Therapeutics ( CARA ) was more than 10% higher after saying it is exploring and reviewing strategic alternatives, sending shares up by more than 8% in pre-bell activity.