01:51 PM EDT, 09/09/2024 (MT Newswires) -- Health care stocks were rising Monday afternoon, with the NYSE Health Care Index increasing 0.7% and the Health Care Select Sector SPDR Fund (XLV) up 0.8%.

The iShares Biotechnology ETF (IBB) was climbing 1.6%.

In corporate news, Intelligent Bio Solutions ( INBS ) shares surged 42% after the company said preliminary fiscal 2024 revenue more than doubled compared with the prior year to $3.1 million.

Xencor ( XNCR ) shares jumped 23% after the company unveiled four new drug candidates to treat autoimmune and inflammatory diseases and disclosed clinical progress updates in its early-stage oncology programs.

Summit Therapeutics ( SMMT ) shares surged 58% after the company said Sunday its phase 3 trial for non-small cell lung cancer treatment showed an improved survival rate compared with pembrolizumab monotherapy.