01:48 PM EST, 12/09/2024 (MT Newswires) -- Health care stocks were edging up Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.2%.

The iShares Biotechnology ETF (IBB) rose 0.5%.

In corporate news, Sonnet BioTherapeutics ( SONN ) shares surged past 47%. The company said Monday its phase 1 trial of SON-1010 demonstrated a partial response and disease stabilization in adult patients with advanced solid tumors.

Kodiak Sciences ( KOD ) shares jumped 27% after Jefferies upgraded the company's rating to buy from hold. Jefferies also raised its price target for the stock to $20 from $6.

Revance Therapeutics ( RVNC ) and Crown Laboratories said Monday they amended their merger agreement to reduce Crown's tender offer for all outstanding Revance shares to $3.10 apiece in response to a dispute with Teoxane. Revance shares tumbled 20%.