Health care stocks were declining late Friday afternoon, with the NYSE Health Care Index down 0.7% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.5%.

The iShares Biotechnology ETF (IBB) fell 0.9%.

In corporate news, Vaxart (VXRT) shares surged 20% after it said Friday it secured a $4.6 million increase in funding under a project agreement supported by the Biomedical Advanced Research and Development Authority, raising the estimated ceiling for a mid-stage trial of its oral pill COVID-19 vaccine candidate to about $460.7 million.

Novartis (NVS) must face certain claims alleging it provided kickbacks to physicians for prescribing Gilenya, its drug that treats multiple sclerosis, the US Court of Appeals for the Second Circuit ruled Friday. Novartis shares shed 0.1%.

UnitedHealth Group (UNH) and Amedisys (AMED) agreed to extend the deadline of their planned merger as the deal faces scrutiny from the US Department of Justice over competition concerns. UnitedHealth shares were down 0.3% while Amedisys shares jumped 4.6%.

BioNTech (BNTX) shares were rising 0.2%. The company announced Friday separate agreements with the US National Institutes of Health and the University of Pennsylvania to settle royalty claims related to sales of its COVID-19 vaccine co-developed with Pfizer (PFE).