The Nasdaq Biotechnology index climbed 0.3%, reversing a midday decline.
In company news, Tilray Brands (TLRY) rose 3.1% on Wednesday after the cannabis producer reported a surprise fiscal Q3 profit, earning $0.09 per share compared with a $1.03 per share loss during the same quarter last year.
Celsion (CLSN) dropped 16.7% after the biotechnology company Wednesday plans a $7 million offering of around 1.3 million shares at $5.27 apiece, or 15.3% under Tuesday's closing price.
Rhythm Pharmaceuticals (RYTM) fell over 16% after the drug maker said it was modifying phase II and phase III testing of setmelanotide drug candidate to treat rare genetic diseases of obesity to focus on rare patient populations that it believes "have the highest likelihood of success."
BioXcel Therapeutics (BTAI) was little changed, giving back a more than 12% gain earlier Wednesday after saying the US Food and Drug Administration has approved its Igalmi sublingual film for the treatment of acute agitation associated with schizophrenia or bipolar I or II disorders in adults. BioXcel shares also were getting a boost from BoA Securities increasing its price target for the stock by $2 to $80.
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