Sector Update: Health Care Stocks Rise in Late Afternoon Trading

Health care stocks were higher late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each rising 0.5%.

The iShares Biotechnology ETF (IBB) rose 0.9%.

In corporate news, Grifols has decided not to welcome a new takeover bid by a third party as Brookfield Asset Management intends to walk away from its plan to buy the company, Bloomberg reported, citing the Grifols family. In a statement sent to MT Newswires, Brookfield confirmed "it is not in a position to continue with a potential offer for Grifols." Grifols shares tumbled past 7%.

Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.7%.

The iShares Biotechnology ETF (IBB) rose 0.8%.

In corporate news, Brookfield Asset Management dropped its $6.8 billion offer to acquire Grifols , Bloomberg reported. Grifols shares sank over 8% and Brookfield was down 1%.

CervoMed shares surged 28%. The company said Wednesday it has received orphan drug designation for its investigational drug neflamapimod from the US Food and Drug Administration to treat frontotemporal dementia.

Novo Nordisk and KKR's joint acquisition of Sylvan International Biotechnology in China was cleared by the EU's antitrust review. Novo shares were shedding 0.7% and KKR was down 0.6%.

European equities traded in the US as American depositary receipts were trending higher late Wednesday morning, rising 0.32% to 1,320.28 on the S&P Europe Select ADR Index.

From continental Europe, the gainers were led by furniture maker Natuzzi and accommodation booking company trivago , which rose 8% and 5.1% respectively. They were followed by petroleum refiner Equinor and biotech firm BioNTech , which increased 1.9% and 0.8% respectively.

The decliners from continental Europe were led by biopharmaceutical company Grifols and biotech firm Evaxion Biotech , which lost 9% and 1.9% respectively. They were followed by medical device EDAP TMS and biopharmaceutical company Cellectis , which fell 1.6% and 0.9% respectively.

From the UK and Ireland, the gainers were led by biotech firm Autolus Therapeutics and biopharmaceutical company Adaptimmune Therapeutics , which advanced 6.6% and 4% respectively. They were followed by biopharmaceutical companies Mereo BioPharma Group and Biodexa Pharmaceuticals B, which were up 3.1% and 1% respectively.

The decliners from the UK and Ireland were led by biopharmaceutical companies Akari Therapeutics and TC Biopharm , which dropped 0.9% and 0.2% respectively. They were followed by biopharmaceutical companies NuCana and Bicycle Therapeutics , which were off 2.7% and 0.6% respectively.