Sector Update: Health Care Stocks Rise Premarket Tuesday

09:24 AM EDT, 08/20/2024 (MT Newswires) -- Health care stocks rose in premarket hours Tuesday as the Health Care Select Sector SPDR Fund (XLV) advanced by 0.4% and the iShares Biotechnology ETF (IBB) was also up 0.4% recently.

Eli Lilly (LLY) shares were up more than 1% after saying results from a three-year phase 3 study showed that weekly tirzepatide injections reduced the risk of developing type 2 diabetes by 94% in obese or overweight adults with pre-diabetes condition compared to placebo.

Medtronic (MDT) shares were 0.3% lower after it reported higher fiscal Q1 adjusted diluted earnings and revenue. The company also raised its fiscal 2025 diluted adjusted EPS guidance.

Titan Pharmaceuticals (TTNP) surged past 84% after saying it has signed a merger agreement for a business combination with KE Sdn. Bhd.