03:54 PM EDT, 10/14/2024 (MT Newswires) -- Health care stocks were advancing late Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each rising 0.6%.

The iShares Biotechnology ETF (IBB) added 0.2%.

In corporate news, Tevogen Bio ( TVGN ) shares surged 213%. The company said it plans to outline pipeline potential to generate over $1 billion in revenue.

Surgery Partners ( SGRY ) is getting a boost from "secular tailwinds" as medical procedures shift to the ambulatory setting from inpatient hospitals, UBS Securities said Monday in a report. UBS started coverage of the company with a buy rating and a $38 price target. Surgery Partners ( SGRY ) shares gained 4.8%.

Longboard Pharmaceuticals ( LBPH ) shares soared 51%. The company on Monday agreed to be acquired by Danish pharmaceutical company H. Lundbeck in a deal with an equity value of about $2.6 billion.

Vanda Pharmaceuticals ( VNDA ) shares jumped nearly 9% after the company rejected a second unsolicited buyout proposal from Cycle Pharmaceuticals for $8 a share.