Health care stocks fell Thursday afternoon with the NYSE Health Care Index shedding 0.4% and the Health Care Select Sector SPDR Fund (XLV) down 0.3%.
The iShares Biotechnology ETF (IBB) was slightly up.
In corporate news, Elevance Health (ELV) slashed its full-year earnings outlook as the insurer's Q3 profit missed expectations amid challenges in the Medicaid business. The shares slumped more than 12%.
Tonix Pharmaceuticals (TNXP) shares surged more than 24% after the company said it received its first payment from the Defense Department's Defense Threat Reduction Agency.
Amicus Therapeutics (FOLD) shares jumped over 14% after the company said it agreed to settle its patent litigation against Teva Pharmaceuticals (TEVA). Teva shares were shedding 0.3%.
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