03:50 PM EST, 11/27/2024 (MT Newswires) -- Health care stocks were higher late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.5%.

The iShares Biotechnology ETF (IBB) rose 1%.

In corporate news, Grifols ( GRFS ) has decided not to welcome a new takeover bid by a third party as Brookfield Asset Management (BAM) intends to walk away from its plan to buy the company, Bloomberg reported, citing the Grifols ( GRFS ) family. In a statement sent to MT Newswires, Brookfield confirmed "it is not in a position to continue with a potential offer for Grifols ( GRFS )." Grifols ( GRFS ) shares tumbled nearly 8%.

TransCode Therapeutics ( RNAZ ) shares sank past 8% after the company said Wednesday it has signed a deal with institutional investors for a securities' sale worth roughly $8 million.

CervoMed ( CRVO ) shares jumped nearly 14%. The company said Wednesday it received orphan drug designation for its investigational drug neflamapimod from the US Food and Drug Administration to treat frontotemporal dementia.

Cooper (COO) is expected to exceed consensus estimates for both revenue and earnings per share in fiscal Q4 but its fiscal 2025 guidance may fall short of expectations due to worsening currency conditions, Needham said in an earnings preview on Wednesday. Cooper shares added 0.5%.