Health care stocks were lower Monday afternoon, with the NYSE Health Care Index easing 0.1% and the Health Care Select Sector SPDR Fund (XLV) down 0.3%.

The iShares Biotechnology ETF (IBB) shed 0.2%.

In corporate news, 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.

Cigna (CI) shares climbed past 7%. The health insurer said it's not pursuing a combination with Humana (HUM) and is on track to meet its full-year earnings target. Humana shares fell almost 2%.

Novavax (NVAX) said Monday that the US Food and Drug Administration has lifted a clinical hold on an investigational new-drug application for its Covid-Influenza combination and stand-alone flu vaccine candidates. Its shares popped 2%.