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

The iShares Biotechnology ETF (IBB) shed 0.7%.

In corporate news, Pfizer (PFE) and its supplier Tris Pharma reached a $41.5 million settlement with Texas Attorney General Ken Paxton for allegedly providing adulterated attention deficit hyperactivity disorder medication to children. Pfizer shares dropped 2%.

Johnson & Johnson's (JNJ) Janssen Biotech unit has been granted traditional approval for Darzalex Faspro with bortezomib, cyclophosphamide, and dexamethasone for newly diagnosed light chain amyloidosis, the US Food and Drug Administration said. Johnson & Johnson shares rose 1.4%.

Moderna (MRNA) is onshoring drug product manufacturing to its Moderna Technology Center in Norwood, Massachusetts. The company said the move boosts its US commercial and clinical supply capabilities, and reflects more than $140 million in planned investment. The stock dropped 3%.

Agios Pharmaceuticals (AGIO) shares tumbled 51% after the company said its potential sickle cell disease treatment mitapivat failed to meet one of two primary endpoints in a 52-week Phase 3 trial.