Healthcare stocks declined Monday afternoon, with the NYSE Healthcare Index falling 1.6% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.4%.

The iShares Biotechnology ETF (IBB) shed 1.6%.

In corporate news, GRAIL's (GRAL) stock dropped 14% after the company said the NHS-Galleri trial of its Galleri multi-cancer early detection test missed its primary endpoint.

Jasper Therapeutics (JSPR) shares dropped 17% after it said Monday that its board has launched a review of strategic alternatives, including a potential sale of assets, licensing deals, collaborations, merger, business combination, sale of the company or an orderly wind-down of operations.

Edgewise Therapeutics (EWTX) has agreed to sell its muscular dystrophy business to Servier for up to $2.65 billion, Servier said Monday. Edgewise shares jumped 13%.

Humana (HUM) shares climbed 6.1% after the company said it plans to reaffirm its full-year adjusted earnings guidance of at least $9 per share during upcoming meetings.