Health care stocks fell late Monday afternoon with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.7%.

The iShares Biotechnology ETF (IBB) declined 0.6%.

In corporate news, Evotec (EVO) shares surged 18% after Bloomberg reported the company is the subject of a potential takeover bid by Triton Partners.

RAPT Therapeutics (RAPT) shares plunged 39% after the company said Monday it's ending its zelnecirnon program after the US Food and Drug Administration put a hold on two trials assessing the drug as a potential treatment for asthma and atopic dermatitis.

CERo Therapeutics (CERO) shares soared 165%. The company said Monday that it presented preclinical data demonstrating the capability of its lead compound CER-1236 to kill ovarian cancer cells in preclinical models with no indications of toxicity in animal models.

AbbVie (ABBV) shares tumbled 12%. The company said its two phase 2 trials assessing emraclidine in adult patients with schizophrenia and acute exacerbation of psychotic symptoms failed to meet their primary goal.