Health care stocks were declining premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.7% lower and the iShares Biotechnology ETF (IBB) down 1.6%.

Immunovant (IMVT) shares were down more than 10% after the company said topline results from two phase 3 clinical studies of batoclimab as an experimental treatment of thyroid eye disease in adults showed that they failed to meet their primary endpoint.

Novo Nordisk (NVO) said its 25 mg Wegovy pill demonstrated "significantly greater" mean weight loss than Eli Lilly's (LLY) 36 mg orforglipron, which was approved by the Food and Drug Administration under the brand name Foundayo. Shares of Novo Nordisk were down more than 1% pre-bell.

Adagene (ADAG) stock was down more than 15% after the company priced an underwritten public offering of about 18.7 million American depositary shares at $3.75 apiece, for gross proceeds of roughly $70 million.