Health care stocks declined Tuesday afternoon, with the NYSE Health Care Index falling 2.1% and the Health Care Select Sector SPDR Fund (XLV) dropping 2.8%.

The iShares Biotechnology ETF (IBB) slumped 6%.

In corporate news, Beam Therapeutics (BEAM) shares tumbled past 17% after it reported a wider Q1 loss compared with a year earlier.

Philips (PHG) shares fell 5.5% after it reported flat Q1 adjusted earnings per share, while sales declined.

Viridian Therapeutics (VRDN) shares were down 7.4% after it reported a Q1 net loss of $0.87 per diluted share, widening from a loss of $0.59 a year earlier.