02:02 PM EDT, 03/11/2024 (MT Newswires) -- Health care stocks were easing Monday afternoon with the NYSE Health Care Index decreasing 0.3% and the Health Care Select Sector SPDR Fund (XLV) down 0.2%.

The iShares Biotechnology ETF (IBB) rose 0.1%.

In corporate news, Mesoblast (MESO) shares surged almost 23% after the company said that the US Food and Drug Administration supports an accelerated approval for its rexlemestrocel-L cell therapy in end-stage heart failure patients with a left ventricular assist device.

Lexicon Pharmaceuticals ( LXRX ) jumped 22% after it reported its Q4 financial results and said it would resubmit a new drug application for sotagliflozin as an adjunct to insulin therapy for patients with type 1 diabetes and chronic kidney disease.

Acelyrin ( SLRN ) said Monday that the phase 2b/3 trial of its izokibep product candidate in psoriatic arthritis met the primary endpoint at week 16 with "high statistical significance." Its shares gained almost 11.8%.