01:55 PM EDT, 05/09/2024 (MT Newswires) -- Health care stocks were rising Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.8%.

The iShares Biotechnology ETF (IBB) rose 0.7%.

In corporate news, Ironwood Pharmaceuticals ( IRWD ) shares sank more than 18% after the company reported a Q1 non-GAAP loss of $0.02, swinging from earnings of $0.25 a year earlier. Analysts polled by Capital IQ expected earnings of $0.15.

Royalty Pharma ( RPRX ) said Thursday it will acquire the royalties and milestones on frexalimab owned by ImmuNext for about $525 million in cash. Royalty shares added 1%.

Stevanato (STVN) shares sank 19.4% after it reported Q1 adjusted earnings of 0.08 euro ($0.09) per diluted share, down from 0.11 euro a year earlier.