Health care stocks declined Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each decreasing about 0.4%.
The iShares Biotechnology ETF (IBB) retreated 1.2%.
In corporate news, Apellis Pharmaceuticals (APLS) shares were falling 3%. The company has had a difficult Q1 as charitable foundation funding gaps and weaker-than-expected Syfovre sales weigh on the outlook, BofA Securities said in a report. BofA downgraded the stock to neutral from buy.
Iovance Biotherapeutics (IOVA) shares tumbled 46% after it lowered its 2025 product revenue guidance. Its Q1 results also missed estimates.
MeiraGTx (MGTX) shares added 1.0% after its investigational gene therapy, AAV-GAD, received regenerative medicine advanced therapy designation from the US Food and Drug Administration for the treatment of Parkinson's disease.
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