Health care stocks declined late Tuesday afternoon with the NYSE Health Care Index falling 1.3% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.2%.
The iShares Biotechnology ETF (IBB) shed 1.9%.
In regulatory news, UnitedHealth Group's (UNH) OptumRx, CVS Health's (CVS) Caremark Rx and Cigna's (CI) Express Scripts marked up a number of specialty generic drugs at their affiliated pharmacies by hundreds or thousands of percent, the US Federal Trade Commission said Tuesday.
In corporate news, Johnson & Johnson's (JNJ) shares rose 0.1%. S&P Global Ratings said it placed almost all of the company's ratings on creditwatch with negative implications following its $14.6 billion deal to buy Intra-Cellular Therapies (ITCI).
Firefly Neuroscience (AIFF) shares surged 73%. The company said its BNA technology platform is able to assess a patient's biological brain age using cognitive data, potentially leading to a "scalable" approach to early screening for Alzheimer's patients.
Eli Lilly (LLY) shares tumbled 6.9% after the company lowered Q4 and full-year revenue expectations amid slower-than-expected growth in its US incretin division.
Pfizer (PFE) Chief Executive Officer Albert Bourla said the company's dispute with activist investor Starboard Value is over issues "on the margins" of its business and is not "an aggressive situation," Bloomberg reported. Pfizer shares fell 1.5%.
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