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Health care stocks were sharply higher Wednesday with the NYSE Health Care Sector Index rising 1.4% and shares of health care companies in the S&P 500 ahead 2.1% as a group.

In company news, Galectin Therapeutics ( GALT ) after the drugmaker reported positive early-stage results demonstrating its GR-MD-02 drug candidate is safe with potential for therapeutic effect on fibrosis in patients with fatty liver disease.

The Phase I trial enrolled 30 patients divided into three groups, with patients receiving four doses of up to 8 milligrams per kilogram with no serious adverse events.

The drug also "had significant effects on a relevant biomarker of fibrotic liver disease and a potential signal indicating a reduction in liver stiffness," according to Dr. Stephen Harrison, the lead investigator and the Chief of Hepatology at Brooke Army Medical Center in Texas. The results justify further testing, Harrison said.

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Health Care Sector Update for 01/07/2015: GALT,ARNA,KBIO