Health care stocks declined Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.5%.

The iShares Biotechnology ETF (IBB) fell 1.5%.

In corporate news, Gilead Sciences (GILD) shares dropped 3.3% after the company said a phase 3 trial comparing its drug Trodelvy with chemotherapy as a first-line treatment post-endocrine therapy in HR+/HER2-negative metastatic breast cancer did not meet the primary endpoint of progression-free survival.

Moderna (MRNA) continues to target cash breakeven in 2028, banking on its ongoing cost reductions and revenue growth from geographic expansion and new product launches, Morgan Stanley said in a Friday note. The firm maintained its equalweight rating on Moderna but adjusted its price target to $30 from $32. Moderna shares were down 1.7%.

Rhythm Pharmaceuticals (RYTM) said the US Food and Drug Administration extended the review period for its supplemental new drug application for Imcivree, or setmelanotide, for treating acquired hypothalamic obesity by three months to March 20, 2026, from Dec. 20. Rhythm shares were up 1%.