Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.3%.

The iShares Biotechnology ETF (IBB) slumped 1.6%.

In corporate news, UnitedHealth (UNH) allegedly paid thousands of dollars in bonuses to nursing homes where it installed its own medical teams and pressured them to help cut care expenses for residents, The Guardian reported. UnitedHealth shares were falling 5%.

UroGen Pharma (URGN) shares tumbled 47% after it said its UGN-102 bladder cancer drug failed to receive the backing of a US Food and Drug Administration advisory committee.

Akoya Biosciences (AKYA) shares jumped 25% after it said in a Wednesday filing that it received an unsolicited acquisition proposal from an undisclosed third party, which offered $1.40 in cash for each Akoya common share.