02:08 PM EDT, 09/19/2024 (MT Newswires) -- Health care stocks were higher Thursday afternoon, with the NYSE Health Care Index rising 0.4% and the Health Care Select Sector SPDR Fund (XLV) up 0.5%.

The iShares Biotechnology ETF (IBB) climbed 1.9%.

In corporate news, Longboard Pharmaceuticals ( LBPH ) shares jumped past 11% after its investigational drug bexicaserin to treat Dravet syndrome received rare pediatric disease and orphan drug designations from the US Food and Drug Administration.

Edgewise Therapeutics ( EWTX ) shares surged 51% after the company reported "positive" top-line data of EDG-7500 from phase 1 trial in healthy subjects and phase 2 trial in patients with obstructive hypertrophic cardiomyopathy.

Elanco Animal Health's ( ELAN ) near-term pipeline products are "largely baked into expectations and are not without risks," Morgan Stanley said. It downgraded its overweight rating for Elanco to equal weight and cut its price target to $15 from $17. Elanco shares were rising almost 3%.