Health care stocks declined late Tuesday afternoon, with the NYSE Health Care Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 1%.

The iShares Biotechnology ETF (IBB) fell 1.7%.

In corporate news, Mirum Pharmaceuticals' (MIRM) acquisition of Bluejay Therapeutics expands its rare liver disease pipeline with brelovitug, a hepatitis delta virus therapy that has shown "solid" phase 2 results, Morgan Stanley said in a note Tuesday. Morgan Stanley kept its overweight rating and raised its price target to $95 from $81. Mirum shares were down 3.7%.

Pfizer (PFE) said that it has signed an exclusive global collaboration and licensing deal with YaoPharma, a unit of Shanghai Fosun Pharmaceutical, to develop, make and commercialize YP05002 for chronic weight management. Pfizer shares were down 1.7%.

CVS Health (CVS) lifted its full-year outlook on Tuesday amid ongoing efforts to strengthen its core businesses, while the healthcare company said it expects earnings in 2026 to be higher than the previous year. Its shares rose 2.4%.

Teleflex (TFX) said Tuesday it agreed to sell its Acute Care, Interventional Urology and OEM units for a combined $2.03 billion in cash. Its shares jumped 9.7%.