Health care stocks were steady premarket Wednesday with the iShares Biotechnology ETF (IBB) and Health Care Select Sector SPDR Fund (XLV) recently inactive.

Alto Neuroscience (ANRO) shares tumbled by over 62% after the company said a phase 2b study of ALTO-100 in patients with major depressive disorder failed to meet its primary endpoint compared with placebo.

Evotec (EVO) shares were almost 8% higher after the company said it will receive a $50 million payment as part of its partnership with Bristol Myers Squibb (BMY) to develop a molecular glue-based pipeline.

Thermo Fisher Scientific (TMO) shares were down almost 2% after the company reported Q3 adjusted earnings of $5.28 per diluted share, down from $5.69 a year earlier.