Health care stocks fell Tuesday afternoon with the NYSE Health Care Index down 0.2% and the Health Care Select Sector SPDR Fund (XLV) easing 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.1%.

In corporate news, Verastem (VSTM) shares jumped 46% after the US Food and Drug Administration accepted and granted priority review to a new drug application for its ovarian cancer drug and set an action date of June 30.

Kazia Therapeutics (KZIA) shares fell 37% after the company said it was considering options for its drug candidate paxalisib after the US Food and Drug Administration discouraged an accelerated approval process for the potential glioblastoma treatment.

Sangamo Therapeutics (SGMO) shares sank 55% after it said its partner Pfizer (PFE) decided not to proceed with further development of a new gene therapy to treat hemophilia A, a bleeding disorder.